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		</div><p>Oil giant Exxon reported a staggering loss for 2020 on Tuesday as the pandemic crushed energy demand and undercut oil prices.</p>
<p>Exxon Mobil Corporation reported the largest losses in its history — nearly 20.1 billion dollars (£14.7 billion) for the fourth quarter, including more than 19 billion dollars (£13.9 billion) to write down the value of company assets. For the full year, it lost 22.4 billion dollars (£16.39 billion).</p>
<p>Its announcement reflected that of another oil heavyweight – BP – which posted a profit of 825 million dollars (£603 million) in the fourth quarter but still lost 18.1 billion dollars (£13.24 billion) in 2020.</p>
<p>Also, Chevron reported last week that it lost 5.5 billion dollars (£4.02 billion) last year.</p>
<p>Signs point to better results for the oil companies this year. Crude prices are up roughly 50% in the past three months, including a gain of more than 10% since January 1, as major producers led by Saudi Arabia have cut output.</p>
<p>The oil companies are hoping the roll-out of Covid-19 vaccines will mean a return to more normal life for businesses and consumers, which would in turn boost demand for oil and natural gas.</p>
<p>Energy demand slumped last year as the pandemic led to lockdowns and a dramatic drop in energy for uses such as transportation.</p>
<p>“Energy consumption collapsed as economies shut down, oil prices hit their lowest point in history, and refining margins fell well below their 10-year lows,” said Exxon CEO Darren Woods.</p>
<p>“It was the first time in memory that we saw simultaneous lows in each of our businesses.”</p>
<p>Irving, Texas-based Exxon is responding by cutting costs. It expects by 2023 to cut 6 billion dollars (£4.39 billion) in annual spending compared with 2019 levels.</p>
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