Exxon to slash capital spending plans by 30% in 2020

Exxon to reduce investments in deepwater oil production, LNG, and shale in 2020.
The U.S oil major will reduce spending to £18.59 billion in 2020 from £26.68 billion.
The stock traded 5% up in premarket trading on Monday but 42% down year to date.

In its statement on Tuesday, Exxon Mobil Corp. (NYSE:XOM) said that it will cut its capital spending plans by 30% this year as the Coronavirus pandemic continues to weigh on the global energy demand and oil prices struggle due to the ongoing price war between Russia and Saudi Arabia.

Jun 10, 2026, 02:33 AM

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