HOUSTON — 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 aimed to do away with internal combustion engines and sell only electric cars by 2035.

The oil industry is slowly transitioning to a future dominated by cleaner energy. BP, Royal Dutch […]