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Oil Companies Endure Brutal 2020, Warn of Slow 2021 Recovery

February 2, 2021

The big international oil companies are reporting one of their worst annual performances in decades and signaling that the pandemic could continue to challenge their businesses in 2021.

Exxon Mobil Corp. and BP PLC on Tuesday disclosed annual losses of $22 billion and $18.1 billion respectively, following Chevron Corp. , which on Friday reported a $5.5 billion loss for 2020.

Exxon posted its fourth consecutive quarterly loss for the first time in modern history, driven by a more than $19 billion write-down. Excluding the impairment, Exxon turned a quarterly profit of $110 million.

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