ExxonMobil (NYSE: XOM) booked its first annual loss since the 1999 merger of Exxon and Mobil, and the first annual loss in at least 40 years after the pandemic crushed oil demand and prices and led to a huge domestic gas asset impairment. ExxonMobil reported on Tuesday a loss of $22.44 billion for 2020, compared to earnings of $14.
34 billion for 2019, due to the lower oil and gas prices and after-tax fourth-quarter impairment charges of $19.3 billion. The impairment charge and the loss for the fourth quarter were not unexpected—Exxon had…ExxonMobil Books First Annual Loss In Its Modern History
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