ExxonMobil reports its first annual loss since its merger

It's the latest company to report its worst year on record during the Covid-19 pandemic.

The fossil fuel industry has suffered from a plunge in oil prices as stay-at-home orders around both the nation and the world caused the biggest drop in oil use on record -- and oil producers in Russia and Saudi Arabia simultaneously flooded the world with excess supply in a production dispute that lasted for months.

In April, oil prices were trading on global markets at a negative price, as oil producers and traders were having to pay to store all of the excess oil rather than being able to sell it.

Annual revenue at ExxonMobil plunged $83.4 billion, or 31.5%, to $181.5 billion.

The company's $22.4 billion net loss was greatly the result of writedown in the value of its assets. Even excluding those write downs, Exxon would have lost $1.4 billion for the year, compared to a profit of $9.6 billion on that basis in 2019.

Excluding special items reported fourth quarter net loss of $20.1 billion. But that was greatly due to the write downs. Excluding special items it reported an adjusted income of $110 million, a fraction of the $1.8 billion it made in the year earlier period, but the first profitable quarter it record this year.