China News Service, Houston, February 2nd. US energy giant Exxon Mobil Corporation said on the 2nd that the attributable company’s net loss in the fourth quarter of 2020 was US$20.07 billion, and the annual net loss was US$22.44 billion, which was the first time for the company in at least 40 years. Losses were recorded throughout the year.

　　On the same day, Exxon Mobil announced its fourth quarter 2020 financial report. The total revenue for the quarter was US$46.54 billion, a year-on-year decrease of 30.7%; the net loss attributable to the company was US$20.07 billion, and the net profit of the same period last year was US$5.69 billion.

The loss in the quarter was largely attributable to asset impairment.

　　The financial report also showed that the company's total revenue in 2020 was US$181.502 billion, a year-on-year decrease of 31.5%; the net loss attributable to the company was US$22.44 billion, and the net profit of the same period last year was US$14.34 billion.

Bloomberg said this is the first time the company has recorded a full-year loss in at least 40 years.

　　The company’s chairman and CEO Darren Woods said in a statement that day that the company has experienced the most challenging market environment in the past year.

Woods said that cost-cutting and restructuring measures have been taken, and it is estimated that these measures will save Exxon Mobil US$6 billion in structural expenditures each year by 2023.

　　According to CNN, Exxon Mobil has announced layoffs of 14,000, postponed large-scale production projects in the Permian Basin in the southern United States and the Rulma Basin in northern Mozambique, and promised to strictly control expenditures.

In addition, the company also said a few days ago that it plans to invest US$3 billion in research and development of carbon capture and other emission reduction technologies.

　　According to Bloomberg, Exxon Mobil is not the only company in the US traditional energy industry that faces severe challenges and financial constraints. The industry is currently experiencing the worst crisis in modern history.

On the one hand, energy market demand continues to be sluggish, on the other hand, the new crown epidemic has a major impact on the industry, further reducing the demand for oil and natural gas.

In addition, in order to cope with climate change, traditional energy companies are facing the challenge of reducing carbon emissions.

After U.S. President Biden took office, he not only rejoined the Paris Agreement, but also suspended new oil and gas leases on federal land and offshore areas.

　　It is worth mentioning that the "Wall Street Journal" recently revealed that the two US energy giants Chevron and Exxon Mobil discussed merger matters in 2020. The discussion between the two parties is at an early stage and has come to an end. It may continue in the future.

In this regard, both companies declined to comment.

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