Exxon Mobil reports $ 20 billion loss Yikes!! A sign of the times? Oil is not a good place to be now.
Exxon Mobil reports $ 20 billion loss, fourth consecutive quarter in the red
Exxon Mobil said on Tuesday it lost $ 20.1 billion in the last quarter, its fourth consecutive quarter of losses as the energy giant continued to grapple with the pandemic’s impact on the industry.
Exxon said it gained 3 cents per share excluding items during the fourth quarter, which was ahead of the 1 cent earnings analysts polled by Refinitiv expected. Revenue, however, was below expectations at $ 46.54 billion. Street’s consensus was $ 48.76 billion.
During the same period a year earlier, the company earned 41 cents per share on an adjusted basis, on $ 67.17 billion in revenue. In the third quarter of 2020, Exxon lost 18 cents per share on an adjusted basis, while generating revenue of $ 46.2 billion.
On Monday, Exxon announced plans to invest $ 3 billion in carbon capture and other emission reduction technologies. The move is too little too late, according to some, who say Exxon should have prioritized investments for the future. Peers, including BP, have also set targets of net zero.