Outbreak sends largest US oil producer’s shares tumbling down to a 17-year low. FMTNews Exxon
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, which sent its shares to a 17-year low.
US shale firms have outlined plans to cut expenses by 25% to 30% to cope with this year’s massive drop in oil prices and demand.The decline has cut new drilling and led producers to seek price cuts from suppliers. “We are evaluating all appropriate steps to significantly reduce capital and operating expenses in the near term,” Exxon Chief Executive Darren Woods said in a statement.
Exxon could cut 10% to 12% from its outlays and reduce this year’s capital spending to between US$28 billion and US$29 billion, said Matt Murphy, an analyst at Tudor, Pickering, Holt & Co.
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