FILE PHOTO: A logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes
HOUSTON - 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% 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% 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 previously expected to spend up to $33 billion and had spent $26 billion last year.Exxon’s market value has fallen 42% this year as the oil-price war between Saudi Arabia and Russia has taken a toll on the energy sector.
Reporting by Jennifer Hiller in Houston and Arathy S Nair in Bangalore; Editing by Saumyadeb Chakrabarty and Bernadette Baum
Fuck Exxon
Hopefully chopping executive salaries as part of this effort.
Such chopping will be having Cascading-Effect unbelievably!
R, a bottle of water will have move value and cost then fuel by month end at this pace.