HOUSTON — Irving, Texas-based Exxon Mobil Corp. which has a massive presence in Houston, has decided to cut capital spending by 30 percent in 2020.
The energy giant announced in mid-March that it was evaluating spending cuts, like most others in the industry, which is facing intense pressure on both the supply and demand sides.
Now, Exxon plans to spend about $23 billion on capital investments this year, down from the previously announced $33 billion, according to an April 7 press release. Exxon also plans to lower cash operating expenses by 15 percent through "deliberate actions to increase efficiencies and reduce costs" as well as expected lower energy costs.
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