Losses mount for oil majors as pandemic grips global economy

FILE - In this April 23, 2018, file photo, the logo for ExxonMobil appears above a trading post on the floor of the New York Stock Exchange. Exxon lost $1.1 billion in the second quarter, Friday, July 31, 2020, its economic pain deepening as the pandemic kept households on lockdown, diminishing the need for oil around the world. (AP Photo/Richard Drew, File)(Richard Drew | AP)

By The Associated Press

Published: Oct. 30, 2020 at 9:48 AM CDT

NEW YORK (AP) — Exxon Mobil reported its third consecutive quarter of losses as the global pandemic curtails travel and cripples global economic activity.

The energy giant on Friday posted a $680 million third-quarter loss and revenue tumbled to $46.2 billion, down from $65.05 billion during the same quarter last year.

The string of losses and what could be a money-losing year is new territory for Exxon Mobil.

The price of U.S. benchmark crude has fallen 40% since the start of the year.

The cost for a barrel of oil tumbled 10% just this week as coronavirus infections surged in the U.S. and abroad.