Just one month ago, on 5 March, ExxonMobil announced its capital plan for 2020. Long term vision was the aim with the firm saying it would “lean in to this market when others have pulled back… taking advantage of the low-cost environment” (MEES, 13 March).
On 16 March, after oil prices had collapsed and rival majors had announced capex cuts, Exxon finally bowed to the inevitable and said it would cut too (MEES, 20 March). CEO Darren Woods fleshed out these cuts on 7 April. And at 30% they are the biggest of the lot. (CONTINUED - 825 WORDS)