Top Oil Companies Recorded a Total Loss of $80 billion in First Half of 2020

The world’s top twelve oil companies recorded a total net loss of $80 billion in the first half of 2020. The coronavirus pandemic and the decline in oil demand as a result of global lockdowns are the primary reasons behind the loss. The declining demand pushed the oil price at its lowest level since 1999.

The twelve biggest oil companies, ExxonMobil, Chevron, ConocoPhillips, Halliburton, Schlumberger, Baker Hughes, BP, Royal Dutch Shell, Total S.A., Eni, Rosneft and Equinor, recorded a total net income of $46.5 billion in the same period in 2019. The companies’ total revenue also decreased from $635 billion in the first half of 2019 to $395 billion this year.

BP posted the biggest loss with $21.2 billion, followed by Royal Dutch Shell, with $18.1 billion, and American oilfield services giant Schlumberger with $10.8 billion.

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