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2/2, 1:35 PM (Source: TeleTrader)
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Exxon Mobil's revenue drops 31% to $46.54B in Q4

Exxon Mobil Corporation's net loss amounted to $20.07 billion in the fourth quarter of fiscal 2020, plunging compared to net income of $5.69 billion in the same trimester of 2019, the company announced on Tuesday. Total revenue dipped 31% on an annual basis to $46.54 billion, failing to meet analysts' expectations, while the Texas-headquartered firm posted a diluted loss per share of $0.03.

Meanwhile, Exxon recorded revenues of $181.5 billion for the full fiscal 2020, down 31% year-on-year, while its loss per diluted share in the same year was at $0.33, marking a drop from diluted earnings per share of $2.25 in 2019.

"While the effects of the pandemic significantly impacted our 2020 results, our previously executed strategic initiatives and reorganizations enabled us to respond decisively to permanently improve our cost structure, drive greater efficiencies across our businesses, and emerge a stronger company," Exxon Mobil CEO Darren Woods said, adding the firm eyes "expense savings of $6 billion per year by 2023, relative to 2019."

The oil and gas corporation gained nearly 1% in premarket trade after the earnings release.

Breaking the News / GA