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ExxonMobil evaluating significant near-term capital and operating expense reductions
Source:Adsale Plastics Network     Editor:VC    Date:18.Mar.2020

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 stated in the press release.

 

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.

 

“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.”


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The CEO mentioned 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,” he remarked. He also stressed that 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,” concluded Darren Woods.

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