Drastic steps are being taken at Exxon Mobil in an attempt to safeguard the company against the continued effects of the coronavirus pandemic and oil price crisis on the oil industry. Last month, the company announced that it had to lay off almost 14,000 employees – or nearly 15 percent of the total workforce. And now Exxon Mobil opts to book its largest-ever impairment.

As such, Exxon writes down the value of its natural gas assets by USD 17-20 billion.