Exxon Mobil lost $22 billion in 2020, its worst performance in four decades.
“The past year presented the most challenging market conditions Exxon Mobil has ever experienced,” said Darren W. Woods, the company’s chairman and chief executive.Credit...Brendan Mcdermid/Reuters
Feb. 2, 2021
Exxon Mobil reported its fourth consecutive quarterly loss on Tuesday as the pandemic continued to weigh on energy demand and oil and natural gas prices.
In the worst year for the company in four decades, Exxon said it lost $22.4 billion in 2020, compared with a profit of $14.3 billion in 2019. A big chunk of the company’s losses came from $19.3 billion in write-downs in the last three months of the year as the company marked down the value of U.S. natural gas fields acquired when gas prices were far higher before fracking flooded the market a decade ago.