The Pandemic Could Wipe 20% of Exxon’s Oil and Gas Reserves Off the Books

That’s what you get when you’re as evil as Exxon.Photo: David McNew (Getty Images)The oil industry isn’t looking too great, folks. That’s especially true for Exxon, which has lost upward of $1 billion due to the economic crisis last quarter alone. Its downward spiral isn’t over, though. In a filing to the Securities and Exchange…

The Pandemic Could Wipe 20% of Exxon’s Oil and Gas Reserves Off the Books

That’s what you get when you’re as evil as Exxon.Photo: David McNew (Getty Images)The oil industry isn’t looking too great, folks. That’s especially true for Exxon, which has lost upward of $1 billion due to the economic crisis last quarter alone. Its downward spiral isn’t over, though. In a filing to the Securities and Exchange Commission on Wednesday, the oil giant laid out how much the coronavirus has damaged its business. With the world on pause, all the oil these companies typically sell to fuel planes and cars have been sitting around with nowhere to go. Oil prices have also been suffering across the board due to the pandemic. The company said in its filing that if prices stay the way they are for the rest of the year, its proven oil reserves to drop 20% from the 22.4 billion oil-equivalen
Read More From Publisher