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2016-03-03 19:05:00

EXXON'S PRODUCTION WILL DOWN

EXXON'S PRODUCTION WILL DOWN

ExxonMobil, the world's largest listed oil company, expects its production in 2020 to be roughly the same as last year, as cuts in investment prompted by the low price of crude force the group to abandon its earlier projections of growth.

Rex Tillerson, chief executive, also played down speculation that Exxon would be making acquisitions following its $12bn bond sale this week.

At Exxon's annual presentation to analysts, he suggested he had spoken with executives of other companies about possible deals, but had been unable to propose valuations that both sides would find acceptable.

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Tags: EXXON, OIL, GAS, PRICES, PRODUCTION

Chronicle:

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