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Issue 8, 2020 - ExxonMobil cuts capital investment by $10 billion

 Last Update: 2022-11-11
 Source: Internet
 Author: User

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ExxonMobil cuts $10 billion in capital investment
Oil giant ExxonMobil is cutting capital expenditures by 30 percent in 2020 and cutting cash operating expenses by 15 percent in response to lower
commodity prices caused by oversupply and weak demand caused by the pandemic.

The company recently said it now expects capital investment of about $23 billion in 2020, down from a previously announced $33 billion
.
The 15% reduction in cash operating expenses was driven by thoughtful actions to improve efficiency and reduce costs, including expectations of lower energy costs
.

ExxonMobil continues to monitor market developments and can exercise additional cut options if needed
.
As the market environment changes, the Company will continue to assess the impact of the decline in demand on its production levels in 2020 as well as the long-term production impact
.

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