"The biggest U.S. oil producers reported historic losses last week and predicted that it could take months to recover as the coronavirus pandemic continues to sweep through the world's economy.

Exxon Mobil Corp.'s $610 million haircut was its first quarterly loss since at least 1988, a decade before the merger that made it the biggest oil company in the country. ConocoPhillips also lost $1.7 billion in the first three months of the year. Chevron Corp., the second-largest producer, reported a $3.6 billion net profit partly because of improved finances at its refineries but warned it would be cutting production in the Permian Basin.

The companies' comments during calls with stock analysts cemented a consensus that the pandemic will have a longer-term impact on the oil industry than previously expected."

Mike Lee reports for Energywire May 4, 2020. [2]