ExxonMobil Lops $10 Billion Off Planned 2020 Capex, Targets Permian Basin

SUGAR LAND--April 8, 2020--Researched by Industrial Info Resources (Sugar Land, Texas)--Exxon Mobil Corporation (ExxonMobil) (NYSE:XOM) (Irving, Texas) made it official on Tuesday, saying it is cutting 2020 capital spending by 30% and lowering cash operating expenses by 15% in response to low energy commodity prices resulting from oversupply and demand weakness from the COVID-19 pandemic. Among other things, the energy giant is targeting expenditures in the Permian Basin, where Oil & Gas Production has been hard hit by plummeting prices.