Wednesday, Apr 21, 2021
Focus on the big picture

Oil companies mount huge losses in 2020

DW, 03 Mar 2021
ExxonMobil has its investor-day this week and investors are likely to have some pressing questions for the American Oil-Major. Unlike its European rivals BP and Shell, Exxon has hesitated to embrace a growing renewables market. But impatience for a strategy-shift is growing among some investors. The oil-price-shock of the pandemic has only increased their calls to diversify.
ExxonMobil lost 22 billion dollars and that after recording a 14-billion-dollar profit a year earlier. British oil champion BP posted a loss last year of over 20 billion dollars. Turnover at Shell collapsed by 50 percent, leaving the company with a pandemic-based loss of almost 22 billion.
Exxon plans to axe 15 percent of the workforce by the end of this year - probably around 10 thousand jobs. It's promising more change, recently bringing an activist-investor on its board and promising other activist-investor groups that it will act.

Subscribe: https://www.youtube.com/user/deutschewelleenglish?sub_confirmation=1

For more news go to: http://www.dw.com/en/
Follow DW on social media:
►Facebook: https://www.facebook.com/deutschewellenews/
►Twitter: https://twitter.com/dwnews
►Instagram: https://www.instagram.com/dwnews
Für Videos in deutscher Sprache besuchen Sie: https://www.youtube.com/dwdeutsch
#ExxonMobile #Shell #BP
Related Articles