ExxonMobil Suffers Huge Losses, Job Cuts

ExxonMobil Suffers Huge Losses, Job Cuts

ExxonMobil ended its third quarter with a net loss of $680 million, compared to a $3.2 billion profit at the same time last year. The loss may prove to be the industry’s largest write-down in over a decade.

Why This Matters: It is hard to fathom how far the oil giant has fallen — and how fast.  ExxonMobil in 2013 was the largest company in the world, but it failed to modernize like its competitors.

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