HOUSTON (Reuters) – Exxon Mobil Corp (XOM.N) on Tuesday throttled back a multi-year investment 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.
FILE PHOTO: FILE PHOTO: Darren Woods, CEO of Exxon Mobil Corp is seen at a news briefing in New York, U.S., March 1, 2017. REUTERS/Brendan McDermid/File Photo
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 Tuesday as Exxon detailed spending cuts, the last of the oil majors to do so.
The largest U.S. oil producer, which last month pledged…
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