Last but Not Least: Exxon Chops Spending by 30%

New York Times | Apr 7, 2020 at 11:33 AM
  • 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 30% 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 are down nearly 60% this year and demand for fuels is falling sharply.