Oil companies mount huge losses in 2020

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.

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