Oil prices have collapsed, Big Oil's profits have plummeted.
The oil price plunge has dealt a major blow to Exxon Mobil, with the latest figures showing just how big the impact has been.
The oil giant expects a profit drop of $700 million (RM3.15 billion) by the end of 2024, according to a statement released on Tuesday.
In addition to the oil price plunge, its refining business has also reduced profits by $500 million.
However, natural gas prices have provided some relief with a $200 million jump, but chemical margins have continued to shrink.
In addition, Exxon expects a $400 million gain from asset sales, but this is fully offset by charges of the same amount.
Investors are being urged to remain cautious amid concerns about a slowing Chinese economy and a global crude glut that continues to weigh on the market.
Is this just the beginning for Big Oil, or can oil prices rebound in 2025?
