Exxon is cutting its capital spending by 30% as the coronavirus pandemic continues to hammer oil prices.
is slashing its 2020 capital spending plan as depressed oil prices hammer the energy sector, but CEO Darren Woods said that the company's dividend is safe for the time being.
On Tuesday, the company said that it was reducing capital spending for 2020 by 30 % — from $33 billion to around $23 billion — and cutting operating expenses by about 15%. The largest share of the reduction will be in the Permian Basin, where it's easier to adjust short-cycle investments, Woods said.has slid 56% this year as the coronavirus outbreak has sapped demand. At the beginning of the year, a barrel of WTI fetched more than $60. Today, it trades around $26.
Woods said that the company doesn't factor the decision-making of OPEC into how it operates its business.
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