Fuel rates are exhibited at an Exxon Mobil Corp. gas station in Arlington, Virginia, U.S., on Wednesday, April 29, 2020.

Andrew Harrer | Bloomberg | Getty Photos

Exxon said on Friday that it misplaced $1.1 billion throughout the second quarter amid “worldwide oversupply and COVID-associated demand from customers impacts.” It was the oil giant’s second straight quarter of losses.

The company missing 70 cents for each share on an modified foundation, even though revenue arrived in at $32.61 billion. In the exact quarter a year back, Exxon earned 73 cents for every share, on profits of $69.09 billion.

Analysts envisioned the corporation to report a reduction of 61 cents for every share for the next quarter, and earnings of $38.157 billion, according to estimates from Refinitiv.

Shares of Exxon have been about 1% reduce all through premarket trading on Friday.

“The world pandemic and oversupply ailments significantly impacted our next quarter economical results with reduce price ranges, margins, and product sales volumes,” said Darren Woods, Exxon CEO, in a assertion.

“We have greater credit card debt to a amount we sense is correct to give liquidity, given sector uncertainties. Primarily based on present-day projections, we do not system to choose on any added financial debt,” he added.

Oil-equal generation fell 7% yr-more than-yr, and the business stated typical prices for crude oil and organic gas were being “considerably reduced” than in the exact same quarter a year before.

West Texas Intermediate, the U.S. oil benchmark, is down a lot more than 30% this calendar year, which has forced electricity companies to slash spending and in some conditions, cut their dividend.

But in advance of its quarterly results, Exxon when once more reiterated that it has no strategies to minimize its dividend. The third quarter dividend will be 87 cents, according to a business statement released Wednesday.

In the first quarter the oil big lost $610 million thanks to $2.9 billion in publish-downs tied to slipping oil charges. Exxon posted a GAAP loss of 14 cents for each share, and a non-GAAP earnings of 53 cents per share. Income fell to $56.16 billion.

Shares of Exxon are down 40% this 12 months.

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