REUTERS: Exxon lops 30% off 2020 spending, deeper and later than rivals
Exxon Mobil Corp on Tuesday throttled back investment in shale, natural gas and deep water production, cutting planned capital spending by 30% this year as the coronavirus pandemic saps energy demand and oil prices tumble.
“We haven’t seen anything like what we’re experiencing today,” Exxon Chief Executive Darren Woods said on Tuesday as he detailed spending cuts on a conference call.
Exxon was the last of the oil majors to move, and its spending cut was deeper than those of most rivals.
The largest U.S. oil producer set 2020 capital expenditure at $23 billion, down $10 billion from its earlier plan and the lowest in four years. Spending could drop even further and continue into next year if required, Woods said.