Exxon Mobil Corp is suspending the company's contribution to the U.S. employee retirement savings plan beginning in October, said sources who received a message from the company.
) is suspending the company’s contribution to the U.S. employee retirement savings plan beginning in October, said sources who received a message from the company.
“Given the current business environment, the corporation is taking steps to reduce costs,” according to a copy of the message seen by Reuters on Tuesday. “The company intends to suspend the company match contribution to the U.S. Exxon Mobil Savings Plan for all employees covered by the Savings Plan, effective around Oct. 1, 2020.”
During a conference call with investors on Friday, Exxon Senior Vice President Neil Chapman said the company was planning both capital and operating expense cuts to defend its dividend, adding that investors “come to view that dividend as a source of stability in their income.”
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