ExxonMobil cuts 2020 capex budget by 30% as it works to combat low oil price, weaker demand [MarketWatch]
Exxon Mobil Corporation (XOM)
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Source: MarketWatch
Exxon Mobil Corp. said Tuesday it is reducing its 2020 capex budget by 30% and lowering cash operating expenses by 30% as it works to combat the effect of lower commodity prices due to oversupply and demand weakness caused by the coronavirus pandemic. The oil giant said capital investments will fall to about $23 billion from a previously announced $33 billion. "Our objective is to continue investing in industry-advantaged projects to create value, preserve cash for the dividend and make appropriate and prudent use of our balance sheet," Chief Executive Darren Woods said in a statement. The bulk of the capital spending reduction will take place in the Permian Basin in Texas, reducing the pace of drilling and well completions. Deepwater discoveries offshore Guyana will not be affected and the company will delay the investment decision for the Rovuma liquefied natural gas (LNG) project in Mozambique that was expected later this year. The company is still expecting to meet its projected i
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