Exxon’s $10 Billion Spending Cut Won’t Stop Shale Oil’s Growth [Yahoo! Finance News]
Exxon Mobil Corporation (XOM)
Last exxon mobil corporation earnings: 5/1 07:34 am
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Source: Yahoo! Finance News
) -- Exxon Mobil Corp. is slashing $10 billion in spending -- more than any other supermajor oil explorer has cut to weather an unprecedented market collapse -- and yet its production in North America’s biggest shale region is still forecast to rise.It’s a projection that flies in the face of growing calls for the world’s largest oil producers to show restraint as OPEC and its allies prepare for emergency talks about arresting free-falling prices this week. Exxon on Tuesday announced a 30% reduction in capital spending, the second-largest cut in the company’s modern history. The stock surged more than 6%.But despite budget cuts that are twice as deep as any other supermajor’s, Exxon said Permian output will still grow to the equivalent of 345,000 barrels a day this year, about 4% below the previous forecast. In 2021, that will jump to about 475,000 barrels.The world’s second-largest oil producer by market value left out of Tuesday’s statement any mention of whether the austerity measu
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- 10/31/25 - Beat
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