Exxon Slashes Capital Spending by 30% to Cope With Slump [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 spending to a four-year low and delaying major projects as the oil titan reverses course on a massive investment drive to keep its financial footing during the worst oil-price rout in decades.Exxon will reduce this year’s spending by 30% to $23 billion, the Irving, Texas-based company said in a statement on Tuesday. It will be the second-largest budget cut in the company’s modern history, overshadowed only by 2016, when crude markets last collapsed.The largest share of the reductions will occur in the Permian Basin of West Texas and New Mexico, where Exxon will cut back on drilling and fracking, according to the statement. The company also is delaying a formal investment decision on a massive liquefied natural gas project in Mozambique and some work on oil discoveries off the coast of Guyana.The scope of the cuts exceeded the expectations of some analysts including those at Goldman Sachs Group Inc. who forecast a reduction to $29 billion. Refining an
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