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Business

Exxon posts first annual loss as a public company on COVID-19 blow

Published by linker 5

Posted on February 2, 2021

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(Reuters) – Top U.S. oil producer Exxon Mobil on Tuesday posted its first annual loss as a public company after the COVID-19 pandemic hammered energy prices and it sliced over $20 billion off the value of its shale gas properties in the fourth quarter.

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.

(Reporting by Shariq Khan in Bengaluru; Editing by Sriraj Kalluvila)