Secret Exxon Documents Show the Firm May Never Recover

The economic fallout of the covid-19 pandemic has hit the oil industry hard, and Exxon in particular is feeling it. Internal documents show the company’s not expecting to make a grand recovery any time soon despite putting on a good face for shareholders.

Exxon is expecting oil prices to fall over most of the next decade. The firm has lowered its projections for future oil prices for each of the next seven years by between 11% and 17%, the Wall Street Journal reported on Wednesday, citing a report composed at September financial planning meetings it obtained.

earther.gizmodo Secret Exxon Documents Show the Firm May Never Recover

One thought on “Secret Exxon Documents Show the Firm May Never Recover

  1. Reblogged this on The Most Revolutionary Act and commented:
    The new outlook comes amid a wildly awful year for the fossil fuel giant, which has lost more than $1 billion since the pandemic began. Last month, Chevron overtook Exxon as the biggest energy company in the U.S., and soon after, Exxon analysts said it is facing financial losses for the third quarter in a row.

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