Hit by pandemic, oil giants Exxon, BP post huge 2020 losses

DALLAS (AP) — Oil giants Exxon and BP reported staggering losses for 2020 on Tuesday as the pandemic crushed energy demand and undercut oil prices.

Exxon Mobil Corp. reported the largest losses in its history — nearly $20.1 billion for the fourth quarter, including more than $19 billion to write down the value of company assets. For the full year, it lost $22.4 billion.

BP PLC posted a profit of $825 million in the fourth quarter but still lost $18.1 billion in 2020. The results came after Chevron reported last week that it lost $5.5 billion last year.

Signs point to better results for the oil giants this year. Crude prices are up roughly 50% in the past three months, including a gain of more than 10% since Jan. 1, as major producers led by Saudi Arabia have cut output.

The oil companies are hoping that the rollout of COVID-19

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