Just seven years ago, Exxon was the biggest U.S. company by market capitalization. It has since lost roughly 60% of its value, with its market cap now at around $160 billion, after the pandemic crushed demand for fossil fuels.
Analysts estimate Exxon will lose more than $1 billion this year, compared with profits of $46 billion in 2008, then a record by an American corporation. The company’sin late August, after nearly a century on the index, marked a milestone in its decline. At the heart of the problem: Exxon doubled down on oil and gas at what now looks to be the worst possible time. While rivals have begun to pivot to renewable energy, it is standing pat. Investors are fleeing and workers are grumbling about the direction of a company some see as out of touch and stubborn.
Yeah, didn’t they say that about Buffett a few months ago....hes picked wrong horses, hes too old blah blah...and then BOOM!
oil and gas company doubled down on oil and gas.....earth shattering
WSJ, They listened to the man in the White House who told them, “it will just disappear”....🤦🏻♂️ It Will be interesting to see what they will do out of desperation... The President just may have single handedly destroyed their industry...
Climate change?
What’s sent out comes backatcha! Just how life works. So I suppose don’t live it thinking you’ll get away w shiz
People realized that fossil fuels kill the atmosphere
It didn't believe it could be an energy company instead of just an oil and gas company.
Apple happened?
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horrible
The seven sisters will have to adapt or they will destroy them selves. Renewables or demise.
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Remember the Exxon Valdez travesty? KARMA at last.
What happened is that they collapsed civilization and people are mad about it.
The era of oil glut is about to be over.
I’m going to take a wild bet that they figure it out....
cfoxthesound They caused global warming!
Decline in fossil fuel demand. I’ve seen huge solar farms, we have 18 units on our roof, windmills everywhere, electric cars and a declining economy. What about any of that says Exxon is a good stock pick.
I haven’t read the article, can’t be bothered, so I’m guessing that big boat wreak and subsequent oil spill ocean pollution disaster?
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It's almost always the same thing: incompetent managers. They were severely weakened by their inability to compete with frackers. Instead of following a Google / Apple / Amazon strategy of buying their emerging competition, Exxon ignored the threat.
Leadership complacency...pure and simple....why can’t it transition into future energy? Why wouldn’t it market itself as such? Why wouldn’t it remind all of the derivative products it produces from Oil that we all take for granted? Its pathetic....CEO is a bum chum
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It’s okay. Earth benefits from their loss.
I never thought l would witness ⛳
Oil and gas is just a corpse walking around mopping up whats left of the industry. New generations are more and more environmentally aware and realise fossil fuel means a wasteland for them and those still to come.
DieExxonDie 🔥💀🔥
What a waste of time. Oil and gas will be back and this is just an opportunistic nod to those companies like shell and bp that are losing money on alternative energy projects
How on earth could they anticipate a pandemic would strike in 2020
Exxon has been a big fail since the Valdez
Oil and gas investments have payback periods of decades. You don't stop and start based on short term prices or the stock market.
The virus happened .... Duh
Trump is doing a fantastic job, really really noway !!!
Poor timing
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Source: BusinessInsider - 🏆 729. / 51 Read more »