ConocoPhillips reports losses as virus kills fuel demand
Second-quarter earnings from each barrel of oil sold more than halved as lockdowns leave a glut of oil and gas
30 July 2020 - 18:20
Bengaluru — ConocoPhillips reported a wider-than-expected loss on Thursday, as coronavirus-induced lockdowns sapped demand for fuel and crushed crude prices, sending shares of the world’s largest independent oil and gas producer down nearly 9%.
The pandemic brought travel and other businesses to a halt under lockdowns and led to a glut of oil and gas, forcing widespread output cuts by bleeding producers...
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