Exxon, Chevron slam brakes on shale as oil demand tumbles [Reuters]
Exxon Mobil Corporation (XOM)
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Source: Reuters
Exxon, Chevron slam brakes on shale as oil demand tumbles HOUSTON (Reuters) - Exxon Mobil Corp and Chevron Corp are slamming the brakes on U.S. shale oil production at a time when crude prices and fuel demand have plunged due to global lockdowns to fight the coronavirus pandemic. Both companies on Friday outlined deep cuts in output and investments in the Permian shale basin, the top U.S. oilfield where growth in recent years made America the world’s top oil producer and a net exporter for the first time in decades. Oil and gas output at both U.S. producers rose in the first quarter ahead of planned cuts. Each had been racing to hit 1 million barrels per day of production in the Permian. But fuel demand sank nearly a third this year as travel and business lockdowns collided with a flood of Russian and Saudi oil hitting the market when those countries abandoned production cuts. Prices for U.S. crude have dropped nearly 70% this year, and actually settled in negative territory on April
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