EconomyEditor's PickNewsOil Industry Sinks as Exxon Brings on More Bad News

2 years ago335 min
imageStock Markets1 hour ago (Oct 01, 2020 10:27AM ET)

(C) Reuters.

By Christiana Sciaudone — Oil-related companies traded lower after Exxon Mobil (NYSE:XOM) said it expects to post a quarterly loss from its production business for the third-straight time this year, hit by the drop in commodity prices.

Covid-19 stay-at-home orders have sunk demand. Valero Energy Corp (NYSE:VLO). fell 6.1%, Hess Corp (NYSE:HES). was down 4.5% and Halliburton (NYSE:HAL) decreased 4.1%.

Exxon published its first back-to-back quarterly loss in almost four decades in July and vowed to make deep spending cuts to cope with sharply lower energy demand and prices, Reuters reported. Exxon shares fell 3.3% on Thursday and are down 52% for the year.

Crude Oil WTI Futures went negative in April, and are down close to 40% for the year.

Oil Industry Sinks as Exxon Brings on More Bad News

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