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Exxon last year began providing a snapshot of its key businesses after the end of each quarter to give investors insight into operations. Many of those prior updates led Wall Street to lower profit forecasts.(AP file photo)

Exxon signals up to $20 bn writedown to overwhelm 4th quarter gains in oil, chemicals

By Reuters| Posted by: Harshit Sabarwal | Houston
UPDATED ON DEC 31, 2020 01:01 PM IST
The largest US oil producer has posted losses in the first three quarters of 2020 on an ill-timed spending increase that collided with a downturn in fuel demand and prices. It faces a proxy fight next year by an activist investor calling for deeper cuts, new directors and a refocusing on cleaner fuels.
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As the pandemic gripped the US economy and demand for fuel plummeted, Exxon announced in March that it would cut expenses by 30 per cent.(AP file photo)
As the pandemic gripped the US economy and demand for fuel plummeted, Exxon announced in March that it would cut expenses by 30 per cent.(AP file photo)

Covid-19: Exxon Mobil to cut 1,900 US jobs as oil industry struggles

By Associated Press| Posted by: Harshit Sabarwal | New York
UPDATED ON OCT 29, 2020 11:30 PM IST
The Irving, Texas-based oil giant said the reductions will be both voluntary and involuntary and will largely come from its management offices in Houston. The company had about 75,000 employees worldwide at the end of 2019.
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The emissions estimates predate the Covid-19 pandemic, which has slashed global demand for oil and thrown the company’s finances into distress, making it unclear if Exxon will complete its plans for growth.(AFP file photo)
The emissions estimates predate the Covid-19 pandemic, which has slashed global demand for oil and thrown the company’s finances into distress, making it unclear if Exxon will complete its plans for growth.(AFP file photo)

Exxon’s Plan for surging carbon emissions revealed in leaked documents

By Bloomberg| Posted by: Harshit Sabarwal
PUBLISHED ON OCT 06, 2020 08:15 AM IST
The drive to expand both fossil-fuel production and planet-warming pollution has come at a time when some of Exxon’s rivals, such as BP Plc and Royal Dutch Shell Plc, are moving to curb oil and zero-out emissions.
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The Irving, Texas oil giant lost $610 million in the first quarter, down 126% from the same time last year, the company said Friday.(Reuters file photo)
The Irving, Texas oil giant lost $610 million in the first quarter, down 126% from the same time last year, the company said Friday.(Reuters file photo)

Covid-19: Exxon Mobil’s profits drop as most of world stays home, forgoes fuel

By Associated Press | New York
UPDATED ON MAY 01, 2020 06:09 PM IST
Even before the coronavirus hit, oil prices were low because of a trade war between the U.S. and China which contributed to a global economic slowdown.
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