Exxon in ‘Bull's-Eye’ as Worst Year Since Reagan Limps to a Close
- Company stock on track to drop most since 1981 this year
- Woods wants time to rebuild oil giant; investors want payback
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Things haven’t been this bad for the world’s biggest oil stock since Ronald Reagan became president. But brace yourself, 2019 may not be much better.
Exxon Mobil Corp., down 22 percent for the year, is headed for its worst annual performance since 1981, when the U.S was in recession and a 20-year crude glut was just beginning. The decline comes as Exxon pursues one of the largest restructurings in its modern history, a seven-year, $200 billion push for oil in South America and natural gas in Mozambique and Papua New Guinea.