ExxonMobil on Tuesday pledged $3 billion to lower emissions in a bid to bolster its environmental record even as it slashed overall capital spending and vowed to safeguard its dividend.

ExxonMobil Earnings

Executives, while declining to directly address a news report that ExxonMobil and fellow supermajor Chevron Corp. had discussed a potential tie-up, also said they continue to explore strategic merger and acquisition (M&A) opportunities.

All of this came as ExxonMobil on Tuesday reported a full-year loss of more than $22.4 billion (minus $5.25/share) – down from a profit of $14.3 billion in 2019 ($3.36/share) — and its fourth-consecutive quarterly loss in the wake of the pandemic’s demand destruction. It marked the first annual loss since the merger of Exxon and Mobil in 1999.

The Irving,...