May 27, 2024
ExxonMobil records $20.1bn 4th Quarter loss in 2020
ExxonMobil Launches Investigation Into Near-miss Accident on Hebron Platform
– By Alison Godswill

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Exxon Mobil Corporation has announced an estimated fourth quarter 2020 loss of $20.1 billion, or $4.70 per share assuming dilution.

In its report obtained by The Daily, www.thedaily-ng.com, the company, stated: “Fourth quarter capital and exploration expenditures were $4.8 billion, bringing full-year spending to $21.4 billion, $9.8 billion lower than the prior year. ExxonMobil reports results for fourth quarter 2020 and provides perspective on forward plans.

“Fourth quarter loss of $20.1 billion included unfavorable identified items of $20.2 billion, primarily non-cash impairments; earnings excluding identified items were $110 million, or $0.03 per share assuming dilution. Exceeded cost-reduction objectives, with 2020 capital spending of $21 billion below target by $2 billion; cash operating expense more than 15% below 2019, of which $3 billion is a structural reduction.

“Met 2020 methane emissions (15%) and flaring (25%) reduction targets versus 20161, and announced 2025 emission reduction plans; projected to be consistent with the Paris Agreement. Additional annual structural operating expense reductions of $3 billion expected by 2023, resulting in total annual structural reductions of $6 billion versus 2019.”

It added: “Cash flow this year expected to cover capex and maintain dividend and strong balance sheet. Assumptions include Brent prices of $50 per barrel and lowest annual Downstream and Chemical margins during 2010-2019; portfolio flexibility enables further adjustments.”

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