ExxonMobil says it is looking to significantly reduce spending as a result of market conditions caused by the COVID-19 pandemic and commodity price decreases.
â€œBased on this unprecedented environment, we are evaluating all appropriate steps to significantly reduce capital and operating expenses in the near term,â€ said Darren Woods, chairman and chief executive officer of Exxon Mobil Corporation.
He added, â€œWe will outline plans when they are finalized.â€
Woods further said that ExxonMobil has faced numerous market downturns throughout its long history and has experience operating in a sustained low-price environment. â€œWe remain focused on being a safe, low-cost operator and creating long-term value for shareholders,â€ said Woods.
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.
Woods stressed the company will maintain its ongoing commitment to safety and environmental performance.
â€œWe 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,â€ said Woods.