Exxon posts second straight quarterly loss on demand, price plunge

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The U.S. oil major reported a loss of $1.08 billion, or 26 cents per share, in the three months ended June 30, compared with a profit of $3.13 billion, or 73 cents per share, a year earlier. (https://exxonmobil.co/30d059Q)

The company recorded a non-cash gain from inventory valuation adjustment, due to rising commodity prices, of $1.9 billion.

Oil-equivalent production was 3.6 million barrels per day in the second quarter, down 7% from a year earlier.