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Exxon Mobil Corp. and BP PLC on Tuesday disclosed annual losses of $22 billion and $18.1 billion respectively, following Chevron Corp. , which on FridayExxon posted its fourth consecutive quarterly loss for the first time in modern history, driven by a more than $19 billion write-down. Excluding the impairment, Exxon turned a quarterly profit of $110 million.
BP reported a replacement cost profit—a metric similar to the net income figure that U.S. oil companies report—of $825 million for the three months ended Dec. 31, from a loss of $4 million in the year-earlier period. Covid-19 has sapped demand for oil, hitting prices and prompting the world’s biggest energy companies to slash spending, cut jobs and write down the value of their assets. Amid the crisis, Exxon and Chevron discussed aTo Read the Full Story
Good
Boohooing
Shutdowns Lock up the freedoms & lifestyles of the compliant law-abiding healthy population to control their movements but let those with disease hop on planes, return home & spread virus around.
For some reason I don’t see redditors helping block shorts on oil companies.