Exxon Mobil reports US$680m Q3 loss on low oil prices

[NEW YORK] Exxon Mobil reported another large quarterly loss Friday on a plunge in oil prices due to economic weakness that has prompted petroleum giants to slash capital spending.

The US oil giant lost US$680 million in the third quarter, compared with profits of US$3.2 billion in the year-ago period.

The loss, its third straight quarter of red ink, comes a day after the company announced it was cutting 14,000 from its global workforce amid a meager demand outlook due to the coronavirus pandemic.

AFP