ExxonMobil planning to reduce spending amid volatile COVID-19 market conditions
IRVING, TX - ExxonMobil is looking to reduce spending due to the market conditions caused by the Coronavirus pandemic and commodity price decreases, according to the company.
“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 chief executive officer of Exxon Mobil Corporation. “We will outline plans when they are finalized.”
Woods said that ExxonMobil has faced multiple market downturns before and has the experience to operate a sustained low price environment.
ExxonMobil says they are closely monitoring the COVID-19 pandemic and has made the necessary work arrangements to ensure a healthy work space.
Woods went on further by saying the company will maintain its ongoing commitment to safety and environment 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.