It's the latest company to report its worst year on record during the Covid-19 pandemic.The fossil fuel industry has suffered from a plunge in oil prices as stay-at-home orders around both the nation and the world caused the biggest drop in oil use on record -- and oil producers in Russia and Saudi Arabia simultaneously flooded the world with excess supply in a production dispute that lasted for months.
Excluding special items, the company reported a fourth-quarter net loss of $20.1 billion. But that was greatly due to the writedowns. Exxon reported an adjusted income of $110 million excluding special items, a fraction of the $1.8 billion it made in the year-earlier period, but the first profitable quarter it recorded for the year.The fourth-quarter results were slightly better than forecast and ExxonMobil shares were up nearly 2% in premarket trading on the report.
I do not feel bad for ExxonMobil. Maybe they should manage their 20 year of profits better so they can get by easier on a down year. Maybe we can give them $600 and call it even.
Hope they find it soon. I sure would hate to lose that much.
Good
Maybe 2020 wasn't so bad after all...
It sounds like they are paying their top brass way the hell too much to run The company into the ground .
Maybe this means nothing but I avoid anything with 'XX's' in it. Italians call it the 'maloik'. It's like that. Bad news, bad luck, cursed. But I'm sure Exxon execs think its a wonderful name, so.....
2020 did have some bright spots
Under Trump admin.
Did they actually lose 22.4B or just make 22.4B less than they expected?
So their corporate taxes will be... Zero.
22.4 billion. Pocket money.
You must loss, because you are stealing our own oil
Makes sense. Between the low gas prices and the HUGE decrease in vehicle traffic with COVID19 it makes sense. They are invested in renewable energy so they may benefit from supporting Bidens new agenda
And it’s only going to get worse with Mr. Magoo in office
Good.
that's a lot of jobs that will be cut.