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ExxonMobil reports its first annual loss since its merger

3 years 1 month 10 hours ago Tuesday, February 02 2021 Feb 2, 2021 February 02, 2021 10:49 AM February 02, 2021 in News
Source: CNN

ExxonMobil lost $22.4 billion in 2020, its first annual loss since the 1999 merger that created the nation's largest oil company, CNN reports.

It's the latest company to announce its worst year on record during the novel coronavirus pandemic.

The fossil fuel industry continues to feel the impact of a plunge in oil prices amid global stay-at-home orders around the world as oil producers in Russia and Saudi Arabia simultaneously flooded the world with excess supply in a production dispute that lasted for months.

CNN reports that in April, oil prices were trading on global markets at a negative price. This occurred as oil producers and traders were required to pay to store excess oil instead of selling it.

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