ExxonMobil

In 2020, ExxonMobil recorded its first quarterly loss since the 1999 merger of Exxon and Mobil. In the fourth quarter of 2020, it posted a loss of $22.4 billion from a profit of $14.3 billion a year earlier. Much of this is due to the devaluation of previously discovered reserves. Since then, rising oil prices have increased the company's assets.

ExxonMobil has removed $10 billion from its investment budget and cut operating costs by $7 billion during 2020 to adapt to the financial challenges of Covid19. As a result, 450 fewer wells were drilled in 2020 than a year ago. However, liquid oil production fell by only 80,000 barrels per day per year, although gas production declined significantly.

ExxonMobil's mining division posted a loss of $20 billion in 2020 from revenue of $14 billion in 2019. While most analysts expect this trend to reverse again in 2021, revenues declined by around $77 billion. The
company has built three major oil fields in Guyana. We continue to develop rentals in the country's seas. New processing and export facilities opened in the United States and construction of new chemical facilities continued.

Founded: November 30, 1999

Headquarters: Irving, Texas, U.S.
Market cap: $262.37 Billion As of December 2021
Revenue: $179bn in 2020

Website: corporate.exxonmobil.com