After a Bruising Year, the Oil Industry Confronts a Diminished Future

After a Bruising Year, the Oil Industry Confronts a Diminished Future

The Coronavirus OutbreakliveLatest UpdatesMaps and CasesSee Your Local RiskVaccine InformationWuhan, One Year LaterAfter a Bruising Year, the Oil Industry Confronts a Diminished FutureBig oil companies lost billions in 2020 because of the pandemic and face broad questions about how they will adapt to climate change and regulations.A Total refinery in Port Arthur, Tex. Even with a dim view of the future, there are signs of a recovery in the oil industry.Credit...Brandon Thibodeaux for The New York TimesBy Clifford KraussFeb. 2, 2021, 4:24 p.m. ETHOUSTON — Big Oil isn't so big anymore.Exxon Mobil, BP and other large oil companies collectively lost tens of billions of dollars last year, posting their worst performance in years and, for some companies, in decades.The pandemic was largely to blame. It sapped demand for gasoline, diesel and jet fuel as countries and states locked down and people stayed home. But such painful years could become more commonplace as growing concerns about climate change, tighter regulations and the rise of electric cars and trucks force a reckoning for an industry that has dominated the global economy over much of the last century. General Motors further raised the stakes for the industry last week when it said it