The largest US oil producer loses $ 22.44 billion in 2020

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ExxonMobil, the largest US oil producer, announced yesterday an annual loss since its listing on the stock exchange, after the Covid-19 pandemic hit energy prices, while the company reduced the value of its shale gas assets by more than $ 20 billion in the fourth quarter.
According to “Reuters”, the company suffered a net annual loss of $ 22.44 billion for 2020, compared to profits of $ 14.34 billion in 2019.
In a related context to international oil companies, the German group “Siemens Energy” announced yesterday that it will cut 7,800 jobs over the next four years to reduce costs in light of the rapid shifts taking place in the global energy market.
She stated that “the steps aim to improve the company’s” competitiveness “by enhancing the long-term cost structure.”
“Improving mechanisms, adopting smaller facilities, reducing resource capacity overruns and modifications to the investment portfolio will all lead to a reduction in the number of jobs by about 7,800 jobs around the world in the gas and energy sector,” she said in a statement.
In total, one in 12 employees is affected by the decision within the group that employs about 90 thousand people, according to the “German”.
About 3,000 jobs will be cut in Germany, 1,700 in the United States and 3,100 elsewhere.
About three-quarters of the jobs scheduled to be cut by the end of fiscal 2025 will be in management and sales.
“The energy market is changing dramatically, which provides opportunities for us, but at the same time it is emerging before us with great challenges,” said Christian Broch, the company’s CEO.
“We want through this program to regain our competitiveness and financial strength to shape the future energy world,” he added.





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