ExxonMobil said today it would “significantly reduce spending” as a result of market conditions caused by the Covid-19 pandemic and commodity price decreases.
Darren Woods, chairman and chief executive, said: “Based on this unprecedented environment, we are evaluating all appropriate steps to significantly reduce capital and operating expenses in the near term. We will outline plans when they are finalised.”
Mr Woods said ExxonMobil had faced numerous market downturns throughout its long history and had experience operating in a sustained low-price environment.
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.
Mr Woods stressed the company would 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,” he said.