Exxon swings $36bn into first annual loss due to Covid-19
The company has reported a net annual loss of $22.44bn for 2020 as pandemic hammered energy prices
02 February 2021 - 15:31
Houston/Bengaluru — Top US oil producer ExxonMobil has posted its first annual loss as a public company as the Covid-19 pandemic hammered energy prices and Exxon reduced the value of its shale gas properties by more than $20bn in the fourth quarter.
Exxon cut up to 15% of its workforce and delayed oil and gas projects after accepting oil prices could remain below $60 a barrel for years. It added $22bn to its debt in 2020 to cover its dividend and project spending...
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