Exxon Mobil reports 2020 loss of $22.4 bn after big Q4 loss

20:52, February 02, 2021

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  Global economic recovery remains precarious, rebound of 4.7 pct to barely offset 2020 losses: UN report

  (Xinhua/Wang Jiangang) The United Nations said on Monday that global economic recovery remains precarious in 2021 and the rebound of 4.7 percent would barely offset the losses of 2020. The report underscores that sustained recovery from the pandemic will dep

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  Oil giant BP plunges into $20.3-bn annual loss on virus

  BP logos are seen at a BP petrol and diesel filling station southeast of London on June 15, 2020. (Photo: AFP)BP reported Tuesday that it tumbled into a massive $20.3-billion (16.8-billion- euro) net loss last year, despite a slender fourth-quarter profit, as the coronavirus pandemic ravaged global energy demand.The enormous loss contrasted sharply with net profit of $4.0 billion in 2019, the British energy major said, adding that the oil sector had been "hit hard" by the Covid-19 crisis.The London-listed giant said the loss was driven by tumbling oil and gas prices, as well as significant impairments and exploration write-offs during a tumultuous year for the energy industry.However in the fourth quarter -- the three months to December -- net profit hit $1.36 billion after the sale of BPs petrochemical business to privately-owned rival Ineos for $5.0 billion.BP last year axed almost 10,000 jobs or 15 percent of its global workforce and embarked upon major asset disposals after the pandemic caused huge asset writedowns."2020 will forever be remembered for the pain and sadness caused by Covid-19. Lives were lost -- livelihoods destroyed," Chief Executive Bernard Looney said in a statement."Our sector was hit hard as well. Road and air travel are down, as are oil demand, prices and margins. It was also a pivotal year for the company."We launched a net zero ambition, set a new strategy to become an integrated energy company and created an offshore wind business in the United States," Looney said."We began reinventing BP -- with nearly 10,000 people leaving the company. We strengthened our finances -- taking out costs and closing major divestments."Tuesdays results were published one day after the company announced the sale of a 20-percent stake in Omans block 61 gas field to Thailands state-controlled PTTEP for $2.6 billion. BP will retain a 40-percent stake and continue to operate the block.Under Loone...

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  Boeing reports its largest yearly loss

  A Boeing 737 MAX 7 aircraft lands during an evaluation flight at Boeing Field in Seattle, Washington, US on Sept 30, 2020.9 billion last year, the largest in the aircraft maker's history, due to the coronavirus pandemic, the crisis over its 737 MAX jet and a $6.Boeing did get some good news earlier