The largest US oil producer – Exxon Mobil – suffered an annual loss for the first time in 40 years. Its volume was estimated at $ 22.4 billion, Bloomberg reports. Revenue in 2020 fell 30.7 percent to $ 46.5 billion.
The agency notes that the company suffered billions of dollars in losses amid the coronavirus pandemic and the fall in oil demand, as well as due to the depreciation of assets in the shale gas sector. In turn, Exxon Mobil assured investors that it will continue to pay dividends.
Another oil giant, BP, is not doing better either: it ended the year with a loss for the first time in ten years. Oil production by the company in 2020 decreased by 8.1 percent and reached 3.47 million barrels per day. The giant’s revenue for the year fell 35 percent (to $ 180.37 billion).
Earlier in February, it became known that at the beginning of last year, Chevron and ExxonMobil were negotiating a merger. Exxon and Chevron currently have market caps of $ 190 billion and $ 164 billion, respectively, making the merger the largest in history if it took place. But now negotiations have been stopped, representatives of the companies did not comment on this issue.