Exxon Mobil reports big 2020 loss, unveils low carbon business | Malay Mail

A view of the Exxon Mobil refinery in Baytown, Texas in this file photo from September 15, 2008. — Reuters pic

The big US oil company, which has been criticised over the last year for both its financial performance and its response to climate change, suffered a 2020 loss of US$22.4 billion , after posting a profit of US$14.3 billion in 2019. “The past year presented the most challenging market conditions Exxon Mobil has ever experienced,” said Chief Executive Darren Woods, adding that the company responded “decisively” in ways that will position it for the long term.

The company unveiled plans for additional spending cuts of US$3 billion in annual expenses expected by 2023, its latest belt-tightening move amid the industry-wide downturn.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Exxon, Chevron CEOs discussed merger in early 2020, say sources | Malay MailNEW YORK, Feb 1 — The chief executives of ExxonMobil Corp and Chevron Corp held preliminary talks in early 2020 to explore combining the two largest US oil producers in what would have been the biggest merger of all time, according to people familiar with the matter. The discussions, which are no...
Source: malaymail - 🏆 1. / 86 Read more »

Exxon Mobil reports US$22.4 bil loss, unveils low carbon businessIn the fourth quarter, the oil major suffered a loss of US$20.1 billion following huge write-offs. FMTNews ExxonMobil
Source: fmtoday - 🏆 5. / 72 Read more »