Like many global oil majors ExxonMobil is under considerable pressure because of the significant fallout from the COVID-19 pandemic, sharply weaker oil prices and the threat of peak oil demand. There are growing fears that Exxon, because of its tremendous debt burden, is a zombie company. These are generally companies that are not generating sufficient operating income to cover its interest expenses. While Exxon is struggling because of the prolonged slump in oil prices reporting a $2.4 billion loss for the first nine months of 2020 and deteriorating cashflow it is not yet a zombie company. The global oil supermajor has several levers at its disposal to boost profitability and cash flow, key being the improved outlook for oil prices along with Exxon’s globally diversified portfolio of quality energy assets. In response to sharply weaker oil prices and the need to boost profitability Exxon announced during November 2020 that […]