This website requires certain cookies to work and uses other cookies to help you have the best experience. By visiting this website, certain cookies have already been set, which you may delete and block. By closing this message or continuing to use our site, you agree to the use of cookies. Visit our updated privacy and cookie policy to learn more.
This Website Uses Cookies By closing this message or continuing to use our site, you agree to our cookie policy. Learn MoreThis website requires certain cookies to work and uses other cookies to help you have the best experience. By visiting this website, certain cookies have already been set, which you may delete and block. By closing this message or continuing to use our site, you agree to the use of cookies. Visit our updated privacy and cookie policy to learn more.
Home » ExxonMobil Evaluating Significant Near-Term Capital and Operating Expense Reductions Due to COVID-19
ExxonMobil Evaluating Significant Near-Term Capital and Operating Expense Reductions Due to COVID-19
The company is closely monitoring the COVID-19 pandemic and has adjusted work arrangements to ensure a healthy work environment and support communities where it operates.
ExxonMobil is looking to significantly reduce spending as a result of market conditions caused by the COVID-19 pandemic and commodity price decreases, the company recently announced. “Based on this unprecedented environment, we are evaluating all appropriate steps to significantly reduce capital and operating expenses in the near term,” said Darren Woods, chairman and CEO of Exxon Mobil Corp. “We will outline plans when they are finalized.”
Woods said that ExxonMobil has faced numerous market downturns throughout its long history and has experience operating in a sustained low-price environment. “We remain focused on being a safe, low-cost operator and creating long-term value for shareholders,” said Woods.