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The Corona Virus Outbreak Was The Final Blow To Exxon Mobil
Since the second quarter of 2018, it has not even been among the top 10. The Corona virus outbreak was the final blow to Exxon Mobil.
Yazar: Tom Roberts
Yayınlanma: 2 Eylül 2020 20:01
Güncellenme: 19 Kasım 2024 09:10
The Corona Virus Outbreak Was The Final Blow To Exxon Mobil
Until recently, Exxon Mobil was shown as the most powerful company in the world. The energy giant had such an influential lobby in US politics that the names on the board of directors held ministerial positions in frequently established governments. The last example of this was Rex Tillerson. Tillerson, who has been working for Exxon since 1975 and became the company's chairman in 2006, has been in Trump's cabinet. Rex Tillerson became the US Secretary of State on February 1, 2017, with the approval of the Senate, and remained in this post for 2 years. The name Exxon Mobil has frequently embellished news bulletins with the oil deals that the US received one after another after the second invasion of Iraq. Condoleezza Rice, who was the US Secretary of State at the time, was also the person who proposed Tillerson to Trump. Things have not been going well for Exxon, which has become a stand-alone empire. The rising clean energy trend around the world has begun to affect the business of the oil giant. The company has not been ranked first on the Fortune 500 list since 2012. Exxon was the world's most valuable company with $ 401.7 billion in the second quarter of 2013. Since the second quarter of 2018, it has not even been among the top 10. The Corona virus outbreak was the final blow to Exxon Mobil. With the economic shutdown, the demand for energy came to a standstill and oil prices fell historically. Exxon Mobil, which has gone through the most difficult year in its history, announced that it lost 1.1 billion dollars in the second quarter report announced on 31 July. Exxon, the successor of Standard Oil and traded at Dow Jones in the US from 1928, was excluded from this index last week after a 40 percent drop in its shares in the last 5 years.Last May, Exxon reported losses for the first time since 1988. The company, which made a profit of 2.4 billion dollars in the first quarter of last year, has lost 610 million dollars this year. ExxonMobil decided to cut its 2020 spending by 30 percent, or $ 10 billion, on April 7, to protect its balance sheet and quarterly dividends. ExxonMobil lost the title of 'the most valuable company in the world' to Apple in January 2012.
From 500 Billion Dollars To 178 Billion Dollars
The energy giant, whose value in 2007 exceeded $ 500 billion and now declined to $ 178 billion, found the solution to lay workers.
Although Exxon's statement made in July, it was announced that they had no plans to remove personnel, but steps were taken in this direction. Shortly after the announcement of the voluntary layoff program in Australia, it was announced that there would be a global workforce decline.
‘To Become Stronger '
Company spokesperson Casey Norton said, “We are conducting country-by-country assessments to increase efficiency to accurately size our business and make it stronger in the future. Our voluntary dismissal program will help the company cope with unprecedented conditions in the market ”
Exxon did not disclose how many personnel they plan to pull out in total. Exxon Mobil also made the decision to sell its 50 percent stake in the Bass Strait Oil and Gas Joint Venture in Australia. According to analysts, it could generate $ 3 billion in revenue. It was also noted that the company could sell Altona, the oldest oil refinery in Australia and located in Melbourne.
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