Exxon Mobil posts first annual loss in 40 years
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Top U.S. oil producer Exxon Mobil on Tuesday posted its first annual loss as a public company as the COVID-19 pandemic hammered energy prices and it reduced the value of its shale gas properties by more than $20 billion in the fourth quarter.
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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 $22 billion to its debt last year to cover its dividend and project spending.
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The company reported a net annual loss of $22.44 billion for 2020, compared with a full-year profit of $14.34 billion in 2019.
Exxon posted four straight quarters of losses in 2020 and is under fire from activist investors pushing for board changes and a better strategy for a global transition to cleaner fuels.
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