ExxonMobil to “significantly reduce spending” amid coronavirus pandemic


ExxonMobil is looking to significantly reduce spending as a result of market conditions caused by the coronavirus (COVID-19) pandemic and commodity price decreases, the US company said yesterday.

“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 CEO of Exxon Mobil Corporation.

“We will outline plans when they are finalised.”

Woods said that ExxonMobil has faced numerous market downturns throughout its long history and has experience operating in a sustained low-price environment.

... to continue reading you must be subscribed

Subscribe Today

Paywall Asset Header Graphic

To access hundreds of features, subscribe today! At a time when the world is forced to go digital more than ever before just to stay connected, discover the in-depth content our subscribers receive every month by subscribing to gasworld.

Please wait...