ExxonMobil, America’s largest publicly traded oil company, faced a challenging 2019. CEO Darren Woods pinned the problem squarely on low oil prices. The company earned $14.3 billion—a 31% drop in profits year-on-year—as debt levels rose by 24%; its investments, meanwhile, ran into oversupplied markets across its supply chain. Exxon did benefit from a divestment of production assets in Norway, and it dramatically ramped up its U.S. shale output. But the oil crash in early 2020 caused further headaches: for Q1, Exxon announced its first quarterly loss in more than three decades.
Latest news for Exxon Mobil
- EnergyNew York City sues Exxon, Shell, and BP, alleging ads falsely label their products ‘cleaner’April 22, 2021 9:00 PM UTC
- EnergyInvestors reward French energy giant Total for making the best of a brutal 2020February 9, 2021 1:44 PM UTC
- EnergyExxon and Chevron CEOs reportedly discussed a mega merger last yearFebruary 1, 2021 12:22 PM UTC
- Energy‘Risky and dangerous’: Energy industry body IEA sounds the alarm on oil demand and even uses the P-wordOctober 13, 2020 12:33 PM UTC