ExxonMobil eyes “significant” cost-cutting amid Covid-19 outbreak

Irving, Texas – ExxonMobil is looking to significantly reduce spending as a result of market conditions caused by the Covid-19 (coronavirus) pandemic and commodity price decreases, the company announced 16 March.

“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 CEO of Exxon Mobil Corp.

The company official did not further elaborate on the measures, saying he would outline the plans when they are finalised.

The move, Woods said, will make sure that ExxonMobil will remain “a safe, low-cost operator and creating long-term value for shareholders.”

The company, he added, is closely monitoring the Covid-19 pandemic and has adjusted work arrangements to ensure a healthy work environment.

“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,” said Woods.