DALLAS (AP) – Oil giants Exxon and BP have reported staggering losses for 2020 as the pandemic crushed energy demand and caused oil prices to tumble.
Exxon Mobil on Tuesday reported the biggest losses in its history – nearly $20.1 billion for the fourth quarter and $22.4 billion for the full year.
Most of that was writing down the value of assets held by the Texas-based company.
UK-based BP posted a fourth-quarter profit of $825 million but still lost $18.1 billion in 2020.
The companies are cutting costs and hoping that the rollout of COVID-19 vaccines will mean a return to more normal life for businesses and consumers, which would in turn boost energy demand.
