ExxonMobil reports record-breaking losses, cites COVID-19

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Compared to last year, the company’s revenue was less than half the levels reported in 2019. According to Exxon, oil and gas outputs are down roughly 6% to 3.6 million barrels per day. This stroke of bad luck is not limited to ExxonMobil with other major players experiencing staggering losses throughout the pandemic.

That said, the reported losses have not affected payouts to shareholders. ExxonMobile plans on paying out dividends to the tune of 87 cents per share in September, a share price that has remained constant since last year.

Mergers and acquisitions have also continued amidst the pandemic, with Chevron’s $5 billion acquisition of Noble Energy in July, giving the major oil producer an entrée into Mediterranean reserves.

As the world continues to grapple with the ongoing COVID-19 pandemic, big oil will have to brace itself — fondly thinking back on the pre-pandemic world.

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