Exxon lost $ 1.1 billion in the second quarter. The US oil giant's revenue for the same period totaled $ 32.6 billion, less than half of the revenue for the same period last year, Reuters reported.
The quarter was one of the worst in the history of the oil industry. The price of a barrel of US benchmark oil fell below $ 0 in April, a staggering decline not previously seen in the industry.
"Exxon slashed capital spending 30% this year to around $23 billion, and Senior Vice President Neil Chapman said it expects to spend less than $19 billion in next year. That would be the lowest spending for the company since at least 2005," Reuters added.