Why ExxonMobil Stock Lost More Than 40% in 2020
Shares of ExxonMobil (NYSE: XOM) plunged 40.9% in 2020, according to data provided by S&P Global Market Intelligence. While a roughly 20% decline in oil prices played a role in Exxon's slump, it wasn't the only factor.
The COVID-19 outbreak upended the oil market in 2020. It caused demand to fall off a cliff, which forced oil companies like Exxon to shift gears. Exxon initially responded by reducing its 2020 capital spending program by 30% and operating expenses by 15%.
Image source: Getty Images.
Source Fool.com
