“Exxon, BP Announce Billions In Losses For 2020”

“Both ExxonMobil and BP announced Tuesday that they had sustained major losses in 2020 amid low demand for oil due to the coronavirus pandemic.

Exxon posted $22.4 billion in losses for 2020, posting a loss of $20.1 billion for the fourth quarter.

According to Reuters, this was Exxon’s first annual loss.

BP reported $20 billion in losses for 2020, including nearly $1.4 billion in the fourth quarter.

Chevron, meanwhile, announced last month that it had lost $5.5 billion in 2020, including $665 million in the fourth quarter.”

Rachel Frazin reports for The Hill February 2, 2021.