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Fortune 500 shows energy took a big hit in 2020

June 02, 2021 03:30 AM UTC

ExxonMobil is at its lowest spot ever on the list.

it's hard to imagine inventing a scenario for oil and gas demand in particular. That would have as big an impact as something like global lockdowns where suddenly people aren't driving their cars and they're not getting in planes, no matter how well run or managed. An oil and gas company is a lot of its profits to come down to the price of oil and gas that year. So all of them really took a hit. The big thing that happened was that Exxonmobil lost more than $22 billion. Exxonmobil falls to its lowest point ever on the Fortune 500 list this year. Number 10, this is a company that spent years and number one or number two on the list. It's only rival was really walmart. This was a company who in 2019 made more than $14 billion 22 pretty massive. The push for clean energy is really impacting energy company. We've already seen this here in Europe because the political climate has been in favor of addressing climate change. For sometimes now in the us with the election of President Joe Biden, you have a political climate where climate change is front and center and there is a lot of political pressure on these companies, so what these companies are going to look like in 10 years, kind of anybody's gaps. And, and it's a really interesting question to follow.