Exxon posts first annual loss as a public company on Covid-19 impact

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.