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Last but not least: Exxon chops spending by 30%

Published 07/04/2020, 12:10
Updated 07/04/2020, 12:15
© Reuters. FILE PHOTO: Logos of ExxonMobil are seen in its booth at Gastech, the world's biggest expo for the gas industry, in Chiba
XOM
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(Reuters) - Exxon Mobil Corp (N:XOM) on Tuesday throttled back a multi-year investment spree, reducing its expansion budget by $10 billion (8.12 billion pounds) this year as the coronavirus pandemic saps energy demand amid a dramatic slide in oil prices.

The company, which last month pledged "significant" cuts to spending, said it would reduce 2020 capital expenditure to $23 billion. It had previously expected to spend up to $33 billion.

© Reuters. FILE PHOTO: Logos of ExxonMobil are seen in its booth at Gastech, the world's biggest expo for the gas industry, in Chiba

(Graphic: Oil majors chop billions of dollars from production, spending budgets link: https://fingfx.thomsonreuters.com/gfx/editorcharts/GLOBAL-OIL-CAPEX/0H001R8JFCHE/eikon.png)

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