Exxon, Chevron slam brakes on shale as oil demand tumbles [Yahoo! Finance News]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance News
FILE PHOTO: Logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de JaneiroBy Jennifer HillerHOUSTON Reuters) - Exxon Mobil Corp and Chevron Corp are slamming the brakes on oil output, as the top two U.S. producers plan for combined global shut-ins of 800,000 barrels per day in response to plunging crude prices and fuel demand.Both companies on Friday outlined deep cuts in 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. They each announced global shut-ins of up to 400,000 barrels per day bpd) this quarter due to lockdowns to fight the coronavirus pandemic.Exxon and Chevron have been rapidly sidelining Permian drilling equipment since the market started crashing in March. U.S. crude prices have plunged nearly 70% this year, and traded in negative territory on April 20 for the first time ever.Oil and gas output at both U
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XOM
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- 10/31/25 - Beat
XOM
Sec Filings
- 12/2/25 - Form 4
- 12/2/25 - Form 4
- 12/2/25 - Form 4
- XOM's page on the SEC website