Energy Briefs
EXXONMOBIL is looking to significantly reduce spending as a result of market conditions caused by the COVID-19 pandemic as commodity price decreases. Darren Woods, chairman, and chief executive officer, ExxonMobil Corporation, said based on this unprecedented environment, the company is evaluating all appropriate steps to significantly reduce capital and operating expenses in the near term.
Woods said ExxonMobil has faced numerous market downturns throughout its long history and has experience operating in a sustained low-price environment. “We will outline plans when they are finalised. We remain focused on being a safe, low-cost operator and creating long-term value for shareholders,” he said.
The company is closely monitoring the COVID-19 pandemic and has adjusted work arrangements to ensure a healthy work environment and support communities where we operate. Woods stressed the company will maintain its ongoing commitment to safety and environmental performance.
“We are confident that we will manage through these challenging times by taking deliberate action to keep our people safe, our environment protected and our company strong,” said Woods.
ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world.
– Mar. 20, 2020 @ 12:59 GMT |
Tags: ExxonMobil Evaluating Significant Near-Term Capital and Operating Expense Reductions
