“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.”