Oil giants lost billions as pandemic crushed demand for fuel

NEW YORK — Two American oil giants lost more than $9 billion in the second quarter as the pandemic kept households on lockdown, cutting a gaping hole into a once-thriving business as the need for oil diminished around the world.

Exxon lost $1.1 billion in the second quarter, and the Irving, Texas-based oil producer brought in $32.6 billion in revenue, less than half of what it brought in at the same time last year. Chevron Corp. lost $8.27 billion during the quarter, a sharp contrast to the…


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