Exxon Mobil cuts spending plans, reduces expansion budget as coronavirus hits oil demand [Toronto Globe and Mail (Ontario, Canada)]
Exxon Mobil Corporation (XOM)
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Source: Toronto Globe and Mail
Exxon Mobil cuts spending plans, reduces expansion budget as coronavirus hits oil demand An Exxon Mobil refinery stands in Baytown, Texas, on Sept. 15, 2008. Jessica Rinaldi/Reuters An Exxon Mobil refinery stands in Baytown, Texas, on Sept. 15, 2008. Exxon Mobil Corp on Tuesday throttled back a multi-year investment spree in shale, LNG and deep water oil production and will cut planned capital spending this year by $10 billion as the coronavirus pandemic saps energy demand and oil prices. Oil companies are reversing 2020 spending and production increases by an average 20 per cent as countries limit air travel, order businesses to close and tell residents to stay home. In a one-two punch to suppliers, crude prices are down nearly 60 per cent this year and demand for fuels is falling sharply. The largest U.S. oil producer, which last month pledged “significant” cuts to spending, set 2020 capital expenditure at $23 billion and could go lower if required, it said in a statement. Exxon
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