Exxon Drops Most in 11 Years After Oil Market Disintegrates
Exxon Drops Most in 11 Years After Oil Market Disintegrates
(Bloomberg) -- Exxon Mobil Corp. shares tumbled the most since October 2008 after the collapse of the OPEC+ alliance and the spread of coronavirus plunged global energy markets into disarray.
Trading in S&P 500 Index companies was halted within minutes of Monday’s opening. For Exxon, the plunge pushed its market value to the lowest since its historic Mobil Corp. takeover in 1999.
The bloodletting was worse for some rival drillers and oilfield-service providers: Diamondback Energy Inc., Hess Corp. and Marathon Oil Corp. all fell more than 40% before trading was temporarily frozen. Schlumberger Ltd. dropped 35%.
Story Link: Exxon Tumbles Most in 11 Years After Oil-Market Disintegrates
To contact the reporters on this story: Joe Carroll in Houston at jcarroll8@bloomberg.net;Kevin Crowley in Houston at kcrowley1@bloomberg.net
To contact the editors responsible for this story: Simon Casey at scasey4@bloomberg.net, Joe Carroll, Reg Gale
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