Exxon loses $1 bn in second quarter as oil use dries up amid lockdown

Exxon lost $1.1 billion in the second quarter, its economic pain deepening as the pandemic kept households on lockdown, diminishing the need for oil around the world.

The Irving, Texas-based oil giant brought in $32.6 billion in revenue during the second quarter, less than half of what it brought in at the same time last year.

Exxon produced 3.6 million barrels of oil, down 7% from last year.

The global pandemic and oversupply conditions significantly impacted our second quarter financial results with lower prices, margins, and sales volumes, said Darren Woods, chairman and CEO, in a statement Friday.

We responded decisively by reducing near-term