• Both ExxonMobil and BP announced Tuesday that they had sustained major losses in 2020 amid low demand for oil due to the coronavirus pandemic. 

• Exxon posted $22.4 billion in losses for 2020, posting a loss of $20.1 billion for the fourth quarter. BP reported $20 billion in losses for 2020, including nearly $1.4 billion in the fourth quarter. 

• During the pandemic, oil prices plummeted, particularly early in the year as demand slowed for oil amid a significant decrease in travel. “The past year presented the most challenging market conditions ExxonMobil has ever experienced,” ExxonMobil CEO Darren Woods said in a statement.

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