Diamondback Energy Records $2.4 Billion Loss in Second Quarter

MIDLAND, TX – The oil and gas industry continues to see the disastrous effects of the COVID-19 pandemic as several energy powerhouses record continued quarter losses.

On August 3, Diamondback Energy announced a $2.393 billion second quarter loss in their latest report as stocks fell to approximately $15.17 per share.

Diamondback also recently announced that 37 horizontal wells had been drilled in the Permian Basin, as an additional 21 were drilled in the Delaware Basin.

Both Chevron and Exxon also announced losses totaling more than $9 billion in the second quarter as the coronavirus pandemic kept households on lockdown, which ultimately diminished the need for oil around the world. 

In their updated report Exxon recorded a loss of approximately $1.1 billion in the second quarter, as Chevron Corp. recorded a loss of roughly $8.27 billion during the same time period, a large contrast to the $4.3 billion the company brought in during the same documented quarter this time last year. 

This quarter was one of the worst periods on record for the oil industry as Exxon executive Neil Chapman claimed, "demand fell to levels unseen in nearly 20 years, and the company has never seen a decline of this magnitude and pace."