ExxonMobil today said it is reducing its 2020 capital spending by 30% and lowering cash operating expenses by 15% in response to low commodity prices resulting from oversupply and demand weakness from the coronavirus pandemic.
Capital investments for 2020 are now expected to be about $23bn, down from the previously announced $33bn.
The 15% decrease in cash operating expenses is driven by deliberate actions to increase efficiencies and reduce costs, and includes expected lower energy costs.
“After a thorough evaluation of the impacts of the pandemic and market conditions, we have worked closely with business partners to plan and execute capital adjustments that preserve long-term value, maximise cost efficiency, and put us in the strongest position when market conditions improve,” said Darren Woods, Chairman and CEO of Exxon Mobil Corporation.
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