NEW YORK: Exxon Mobil closed the books on a terrible 2020 on Tuesday, reporting losses in the fourth-quarter and for the full year in the wake of lower oil prices amid the Covid-19 crisis.
The energy giant unveiled new cost-cutting efforts, a new low-carbon business unit and a new board member that it said would position it for the future. In the fourth quarter, Exxon Mobil suffered a loss of US$20.1 billion following huge write-offs. Revenues fell 30.7% to US$46.5 billion.
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