ExxonMobil moves to cut spending due to ‘unprecedented environment’

U.S. oil major ExxonMobil is looking to significantly reduce spending as a result of market conditions caused by the COVID-19 pandemic and commodity price decreases.

The oil price war and the sudden and sharp decline in oil prices as well as the global outbreak of the coronavirus have pushed oil and gas operators to reconsider their spending plans for this year. With this move, ExxonMobil has joined a number of its peers including ApacheMurphy OilNoble EnergyPremier Oil, and Husky Energy to name a few.

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