Analyst Note| Allen Good, CFA |
Exxon reported its second consecutive loss during the second quarter as the fallout from the coronavirus pandemic likely reached its peak. Second-quarter earnings fell to a loss of $1.1 billion from earnings of $3.1 billion last year. Operating results were actually worse, as earnings benefited from a $1.9 billion noncash inventory valuation adjustment because of rising commodity prices. Adjusted earnings were a loss of $3.0 billion compared with earnings of $2.6 billion last year.