UPDATE 3-Last but not least: Exxon chops spending by 30% [Reuters]
Exxon Mobil Corporation (XOM)
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Source: Reuters
Last but not least: Exxon chops spending by 30% HOUSTON (Reuters) - Exxon Mobil Corp ( XOM.N ) on Tuesday throttled back a multi-year investment spree in shale, LNG and deep water oil production and will cut planned capital spending by 30% this year as the coronavirus pandemic saps energy demand and oil prices. Oil companies are reversing 2020 spending and production increases by an average of 20% as countries limit air travel, order businesses to close and tell residents to stay home to curb the spread of the virus. In a one-two punch to suppliers, crude prices have sunk nearly 60% this year and demand for fuels is falling sharply. “We haven’t seen anything like what we’re experiencing today,” Chief Executive Darren Woods said on a media call on Tuesday. 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. Exxon previously expected to spend up to $33 billion and h
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