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.

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