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Second quarter loss predicted for US, European energy firms

Top U.S. and European oil and gas companies are forecast to swing into a second quarter loss after coronavirus lockdowns destroyed fuel demand, hit prices and squeezed margins.
 
The expected rare losses for BP, Chevron, Eni, Exxon Mobil, Royal Dutch Shell and Total follow a collapse in oil and gas prices and demand to levels not seen in decades.
 
Oil price benchmarks Brent and U.S. West Texas Intermediate are down around a third year-to-date, falling around 66% in the first quarter and jumping 81% and 92% respectively in the second quarter.
 


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