ADVERTISEMENT
ExxonMobil recorded its first yearly loss since 1999 after losing $22.4 billion in 2020, the oil supermajor said at an earnings call on Tuesday.
The
energy industryhas been taking a battering from a record oil price crash as stay-at-home directives around the world triggered the steepest fall in oil use in history, and crude producers in Saudi Arabia and Russia saturated the world with a glut in an output dispute for months.
Prices of crude oil traded on global markets in the negative in April, with producers and dealers having to pay to stock up surplus oil instead of being able to sell it.