Updated / Tuesday, 2 Feb 2021
14:32
Exxon Mobil has reported a net annual loss of $44 billion for 2020
Exxon Mobil has today posted its first annual loss as a public company as Covid-19 hammered energy prices and reduced the value of its shale gas properties by over $20 billion.
Exxon last year slashed spending on new projects by nearly a third, outlined plans to cut up to 15% of its workforce while adding $21 billion to its debt to cover its spending and restructuring.
The changes come amid the most challenging market conditions Exxon has ever experienced, said chief executive Darren Woods, and over time will cut costs by $6 billion a year compared to 2019.
Press release content from Business Wire. The AP news staff was not involved in its creation.
Tan Sri Wan Zulkiflee Wan Ariffin Joins ExxonMobil Board of Directors
February 2, 2021 GMT
IRVING, Texas (BUSINESS WIRE) Feb 2, 2021
Exxon Mobil Corporation (NYSE:XOM) said today that Tan Sri Wan Zulkiflee Wan Ariffin has joined its board of directors. Wan Zulkiflee served from 2015 to 2020 as president and group chief executive officer of Petronas, the national oil and gas company of Malaysia.
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In his role as president and CEO at Petronas, Wan Zulkiflee led strategic growth and efficiency initiatives, and the company’s entry into specialty chemicals. During his tenure, Petronas reported multiple years of strong results and furthered the company’s investments in lower-emission technologies.
Pandemic pushes Exxon to historic annual loss, $20 billion cut in shale value netscape.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from netscape.com Daily Mail and Mail on Sunday newspapers.
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.
By Jennifer Hiller HOUSTON (Reuters) - Exxon Mobil Corp on Tuesday posted its first annual loss as a public company as the COVID-19 pandemic hammered energy prices and reduced the value of its shale gas properties by more than $20 billion.
Exxon last year slashed spending on new projects by nearly a third, outlined plans to cut up to 15% of its workforce while adding $21 billion to its debt to cover its spending and restructuring. The changes come amid the most challenging market conditions Exxon has ever experienced, said Chief Executive Darren Woods, and over time will cut costs by $6 billion a year compared to 2019.