Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Photo: David McNew/Getty Images
Exxon on Tuesday announced a roughly $20 billion dollar quarterly loss, signaling the latest challenges for the company that has now posted losses in the last four quarters.
Driving the news: The company's Q4 result stemmed from over $19 billion in write-downs on the value of its assets. But excluding the impairments, Exxon posted a small profit of 3 cents per share, and its stock ticked up slightly this morning.
- "The past year presented the most challenging market conditions ExxonMobil has ever experienced," CEO Darren Woods said in a statement.
- The company, like other majors, has cut spending steeply amid the pandemic that sent prices and demand downward.
The intrigue: Exxon also announced the addition of Tan Sri Wan Zulkiflee Wan Ariffin, a former CEO of Malaysian oil-and-gas giant Petronas, to its board and signaled that more changes are on tap.
- Exxon "continues discussions with other director candidates with a range of skills sets for potential addition to its board, as part of its ongoing refreshment process," it said, adding that it plans "further action in the near term."
Why it matters: The board changes come as the company, which was posting uneven results well before the pandemic, is under pressure from investors and activists to be more aggressive on climate and more disciplined with its spending.
Yes, but: One of the main groups of shareholder activists, the investment group Engine No. 1, this morning said the changes were not enough. The group has nominated its own slate of board members.
- "A Board that has underperformed this dramatically and defied shareholder sentiment for this long has not earned the right to choose its own new members or pack itself in the face of calls for change," the group said in an email.
Go deeper: Exxon Mobil reports a $20 billion loss, fourth straight quarter in the red (CNBC)