Oil and gas giant ExxonMobil said Wednesday it will reduce capital spending by 25 percent in 2016. The Irving, Texas company plans to spend $23 billion this year.
ExxonMobil in February posted a 58 percent drop in quarterly profit, and a 50 percent decline in 2015 earnings due to plunging oil and gas prices.
One of the world’s largest LNG players said in a statement on Wednesday it is on track to start up 10 new upstream projects in 2016 and 2017, adding 450,000 oil-equivalent barrels per day of working-interest production capacity.
“ We remain steadfast in our mission to create superior long-term shareholder value ,” ExxonMobil’s CEO Rex W. Tillerson said at the company’s annual analyst meeting at the New York Stock Exchange.
“ We have the financial flexibility to pursue attractive opportunities and can adjust our investment program based on market demand fundamentals, ” Tillerson added.
LNG World News Staff