How Bad Is Big Oil’s Earning Season? ...Middle East

The five integrated oil super majors closed the books for 2020, and the numbers looked dreadful but could have been worse. Revenues fell an incredible 36%, from $1,218 billion to $778 billion, due to a combination of lower prices and volume sold. Reported net income plunged from $48 billion to a loss of $77 billion. We would argue that the number are not as bad as they look. First, the net loss of $77 billion consisted of a $6 billion loss on operations and $71 billion loss due to write offs (largely non cash). In other words, the industry almost…

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Last updated : 11 February 2021 clock 10:45 PM

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How Bad Is Big Oil’s Earning Season? ...Middle East

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