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2020-03-17 13:15:00

EXXON REDUCE SPENDING

EXXON REDUCE SPENDING

EXXONMOBIL - Mar 16, 2020 - ExxonMobil is looking to significantly reduce spending as a result of market conditions caused by the COVID-19 pandemic and commodity price decreases, the company said today.

"Based on this unprecedented environment, we are evaluating all appropriate steps to significantly reduce capital and operating expenses in the near term," said Darren Woods, chairman and chief executive officer of Exxon Mobil Corporation. "We will outline plans when they are finalized."

Woods said that ExxonMobil has faced numerous market downturns throughout its long history and has experience operating in a sustained low-price environment. "We remain focused on being a safe, low-cost operator and creating long-term value for shareholders," said Woods.

The company is closely monitoring the COVID-19 pandemic and has adjusted work arrangements to ensure a healthy work environment and support communities where we operate.

Woods stressed the company will maintain its ongoing commitment to safety and environmental performance.

"We are confident that we will manage through these challenging times by taking deliberate action to keep our people safe, our environment protected and our company strong," said Woods.

 

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Earlier:

EXXON REDUCE SPENDING
2020, March, 16, 10:50:00
OIL PRICE: ABOVE $31
Brent crude fell $1.13 to $32.72 a barrel , WTI crude was at $31.01, down 72 cents after slipping below $30 earlier in the session
EXXON REDUCE SPENDING
2020, March, 6, 12:05:00
EXXON INVESTMENT LEVEL $33 BLN
ExxonMobil is planning capital expenditures of between $30 billion to $35 billion annually through 2025, consistent with previous guidance. For 2020, the company anticipates an investment level of up to $33 billion, depending on the progress of individual projects.
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Tags: EXXON, EXXONMOBIL, MOBIL