A Exxon sign is seen at a station on September 20, 2008 photo in Manassas, Virginia. (Photo: AFP)

Exxon Mobil closed the books on a terrible 2020 Tuesday, reporting losses in the fourth-quarter and for the full year in the wake of lower oil prices with Covid-19.

The big US oil company reported a fourth-quarter loss of $20.7 billion following huge write-offs. That took the company's loss for all of 2020 to $22.4 billion, compared with $14.3 billion in profits in 2019.

Exxon Mobil also unveiled plans for additional spending cuts of $3 billion in annual expenses expected by 2023, its latest belt-tightening move amid the industry downturn.