Exxon Mobil on Monday said it will make 'significant' cuts to spending...
FILE PHOTO: A logo of the Exxon Mobil Corp is seen Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes HOUSTON - Exxon Mobil on Monday said it will make “significant” cuts to spending in the face of the unprecedented slide in oil prices due to the global coronavirus outbreak.
The decision was a stunning reversal for the largest U.S. oil producer, which two weeks ago pledged to “lean in” to the market drop and maintain its investments in a belief that oil demand would rise in the long run. Other major oil companies have pared costs amid falling demand and newly unbridled output by Saudi Arabia and Russia. U.S. shale companies have outlined plans to cut their drilling expenses by 25% to 30% to cope with the massive downturn in oil prices and demand. “We remain focused on being a safe, low-cost operator and creating long-term value for shareholders,” said Exxon Chief Executive Darren Woods. On Monday, Exxon asked non-essential employees at several locations to work from home to reduce the risks of spreading the coronavirus among its offices and refineries. The world’s largest publicly traded oil company, Saudi Aramco, last week outline plans to cut spending by $2.8 billion to $7.8 billion. BP and Chevron also promised unspecified expense cuts. Exxon is reevaluating undisclosed cuts to its capital spending budget, and will details specific cuts later, Chief Executive Darren Woods said in a statement. It earlier said it planned to spend between $30 billion and $33 billion this year.
Please follow us on Google to support us United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
You won't lose Internet service as coronavirus spreads. Here's whyInternet providers agreed to an FCC pledge not to cut off service or charge late fees for customers struggling financially amid the coronavirus pandemic.
Read more »
Closed locations, a lack of poll workers: How coronavirus is affecting Tuesday's electionTuesday&39;s primary elections have seen some changes, large and small, amid the coronavirus outbreak.
Read more »
Kim Kardashian Found a Lobster on Her Street and Now It Has TwitterThe lobster KimKardashian found wandering the streets of Calabasas has its own Twitter account. 🦞 calabasalobster
Read more »
DeWine indicates Ohio will postpone primary voting amid covid-19 concerns despite judge's orderOhio Gov. Mike DeWine tweeted late Monday night that polls would be closed as a matter of a public health emergency as the state seeks to further press its legal case in court to extend primary voting to June 2.
Read more »