The five integrated oil super majors closed the books for 2020, and the numbers looked dreadful but could have been worse. Revenues fell an incredible 36%, from $1,218 billion to $778 billion, due to a combination of lower prices and volume sold. Reported net income plunged from $48 billion to a loss of $77 billion.
We would argue that the number are not as bad as they look. First, the net loss of $77 billion consisted of a $6 billion loss on operations and $71 billion loss due to write offs (largely non cash). In other words, the industry almost…How Bad Is Big Oil’s Earning Season?
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