ExxonMobil Revises Business Plan and Removes Less Strategic Assets. Company Suffered a Loss of $20 Billion in the Fourth Quarter

Written by Roberta Souza

Published on 01/12/2020 at 18:02

ExxonMobil

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Oil Company Reports Largest Loss in History. In Addition to Divestments, ExxonMobil Also Presented Its Investment Plan

ExxonMobil, operating in the oil and gas sector, has finalized its future business plans. With the plan, the company is cutting investments and taking a write-down of US$ 20 billion in natural gas. The oil company stated that it will prioritize short-term capital spending on advantageous assets with the highest potential future value, including developments in Guyana and the Permian Basin in the U.S., targeted exploration in Brazil, and chemical projects.

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Darren Woods, the company’s president, says that “The ongoing emphasis on high-grade asset base – through exploration, divestment, and prioritizing advantageous development opportunities – will increase earning power and cash generation and rebuild the balance sheet capacity to manage future commodity price cycles while working to maintain a reliable dividend.”

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ExxonMobil Revises Business Plan and Removes Less Strategic Assets. Company Suffered a Loss of $20 Billion in the Fourth Quarter

Oil Company Reports Largest Loss in History. In Addition to Divestments, ExxonMobil Also Presented Its Investment Plan

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ExxonMobil Revises Business Plan and Removes Less Strategic Assets. Company Suffered a Loss of $20 Billion in the Fourth Quarter

Oil Company Reports Largest Loss in History. In Addition to Divestments, ExxonMobil Also Presented Its Investment Plan

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With billions in loans, China is rebuilding Nigeria’s railway network from scratch, abandoning the British colonial tracks that have turned to scrap and creating a corridor of over 1,300 km to take the load off the roads of Africa’s largest economy.

A British company has installed in the middle of the ocean the world’s first floating platform that generates electricity 24 hours a day from the temperature difference between the surface and the depths of the Atlantic, without relying on wind or sun.

China is building an artificial island in the middle of the sea, covering 20 km², to construct the largest offshore airport in the world, the Dalian Jinzhouwan. This $4.3 billion project is anchored on more than 3,000 pillars embedded in the rock beneath the ocean and is scheduled to open in 2035.

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Austrian engineers have developed an inflatable concrete technology that transforms flat slabs into domes using only air pressure, eliminating scaffolding and temporary forms, and potentially changing the way bridges, tunnels, and curved roofs are constructed worldwide.

A robot named Walter does the work of five bricklayers per hour and can save the construction industry, where the average age of professionals is 46 years and almost no one wants to learn the trade anymore, in the United Kingdom.

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China is equipping a scientific base in the heart of Antarctica with solar, wind, hydrogen, and battery power to operate even during the polar night in the Ross Sea.

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