Every energy and industrial revolution in history has given birth to a large number of world-renowned brands, such as ExxonMobil in the oil age.
Exxon Mobil Corporation was founded in New Jersey in 1882. ExxonMobil (stock code: The company’s net profit attributable to ordinary shareholders in the fourth quarter was -US$20.07 billion, a year-on-year decrease of 452.72%, and operating income was US$46.540 billion, a year-on-year decrease of 30.72%. It was the company’s first annual loss in at least 40 years.
Affected by various unfavorable factors, ExxonMobil cut nearly 1/3 of its new project expenditures last year and formulated a plan to lay off 15% of its staff. It added $21 billion in debt and was even “removed” from the Dow Jones Industrial Average, with its market value falling by more than 40%.
ExxonMobil will exceed 1 billion US dollars to sell assets in the British North Sea
According to energy economic news on February 25, ExxonMobil has signed an agreement with the energy company HitecVision to sell its assets in the British North Sea. Most of the central and northern upstream assets were sold for more than $1 billion. The sale includes ExxonMobil’s interests in 14 oil fields in the British North Sea.
This includes stakes in 14 oil fields mainly operated by Royal Dutch Shell (RDS.A.US), including oilfield penguins and starlings named after birds. , Frame, Gannet and Seagull fields; Total-operated Elgin Franklin field; and stakes in related infrastructure.
In 2019, ExxonMobil’s share of production from these fields was approximately 38,000 barrels of oil equivalent per day.
The Irving, Texas-based oil company has been operating in the UK for more than 135 years and still maintains extensive refining and fuel marketing, lubrication and Oil and petrochemical production and natural gas marketing operations.
The company will also retain its non-operating stake in the southern North Sea upstream assets, as well as its share of the Shell Esso gas and liquids infrastructure, Shell Esso Gas and Liquids Infrastructure supplies ethane to the company’s Fife ethylene plant.
ExxonMobil Senior Vice President Neil Chapman said in a statement on Wednesday , the company is selling off “less strategic” assets to focus on development plans in Guyana, the U.S. Permian Basin, Brazil and LNG.
The transaction is expected to close in mid-2021. At the same time, based on the possibility of rising commodity prices, it is expected that the price of this sale will still have room for upside of US$300 million.
In 2020, ExxonMobil is not the only oil and gas giant that will suffer from poor performance
BP The company’s profit in the fourth quarter of 2020 plummeted 96% year-on-year, from US$2.567 billion in the fourth quarter of 2019 to only US$115 million. The company’s full-year loss in 2020 was US$5.69 billion, which was far lower than the net profit of nearly US$10 billion in 2019. , this is also its first annual loss since the 2010 Gulf of Mexico oil spill.
Shell’s adjusted net profit in the fourth quarter of 2020 was US$393 million, a decrease of 87% from US$2.9 billion in the same period in 2019, and revenue was US$43.989 billion. This was down from US$84.006 billion in the same period in 2019. Shell’s adjusted net profit for 2020 was US$4.85 billion, a 71% decrease from the US$16.5 billion net profit in 2019, the lowest level since the merger of Royal Dutch Petroleum and British Shell in 2005. In 2020, the company achieved full-year revenue of US$18,054.3 billion, down from US$344.877 billion in 2019.
Total’s net profit in the fourth quarter of 2020 was US$1.3 billion, a year-on-year decrease of 59%. Due to the write-down of the value of Canadian oil sands assets of US$10 billion in 2020, the net loss for the whole year of 2020 was US$7.2 billion, a 164.28% drop from the net profit of US$11.267 billion in 2019.
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