Exxon Mobil closed the books on a terrible 2020 on Tuesday, reporting losses in the fourth-quarter and for the full year in the wake of lower oil prices amid the Covid-19 crisis.
The big US oil company, which has been criticized over the last year for both its financial performance and its response to climate change, suffered a 2020 loss of $22.4 billion, after posting a profit of $14.3 billion in 2019.
The energy giant unveiled new cost-cutting efforts, a new low-carbon business unit and a new board member that it said would position it for the future.
“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.
