https://www.reuters.com/article/usa-oil-results-idUSKBN27G03M

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(Reuters) - U.S. oil majors Chevron Corp and Exxon Mobil Corp cut spending aggressively in the third quarter in a race to offset weak trends in fuel demand caused by the COVID-19 pandemic, though the former managed a slim profit. Exxon posted its third straight quarter of losses on Friday and reduced spending plans for the coming year. In common with others in the sector, the two are laying off a substantial portion of their workforce and expect to cut costs further as they try to reverse years of weak stock performance, worsened by the impact of movement restrictions. U.S. oil prices have dropped 41% this year as the coronavirus forced billions of people into lockdowns. Demand recovered ... Full story

31 October

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