Petroleum companies have dominated the list of highest-earning companies going into 2020. Exxon-Mobil is no exception. Like Saudi Aramco, Exxon-Mobil formed out of the re-organization of the Standard Oil company that John D. Rockefeller ran at the turn of the twentieth century. Today, it is one of the leaders in petrochemicals and one of the world’s highest-earning companies, having grossed $265,500,000,000 in the year 2019.
Many petrochemical companies are facing a considerable crunch due to the economic crisis of 2020. When the crisis began, oil prices dropped precipitously because people were no longer driving cars and no longer had disposable income. There were even times when oil prices went negative because there was such a surplus of oil that companies were running out of places to store it. We’ll keep an eye on what happens with Exxon-Mobile and other petrochemical companies coming out of this crisis. Maybe they will turn to renewable energy to stay afloat.