The "high-grading" of Exxon's asset base will enable it to "manage future commodity price cycles while working to maintain a reliable dividend."
Lenders are suffering from "the effects of the coronavirus pandemic, with volume levels and portfolio quality metrics both falling in tandem."
“COVID-19 has significantly impacted near-term demand, resulting in oversupplied markets and unprecedented pressure on commodity prices and margins."
Exxon's cut in 2020 capital spending is the largest any oil major has made in response to the coronavirus-driven slowdown.
The company cited the demand-sapping coronavirus pandemic and a supply increase due to the oil-price war between Saudi Arabia and Russia.
Even as key corporate financial indicators continue to fall, some hope may be emerging that forecasts of an impending recession will prove inaccurate.
No matter how grim things become, it's important to face each level of distress as soon as it arises and with full transparency.
U.S. finance chiefs see earnings growth in 2018, but they also expect higher wage and benefits costs.
The company's Q4 earnings beat estimates but the expense of improving its delivery network may continue to weigh on margins.
Despite surging sales and cash flow, company spending on capex continues to lag.
Among a number of capital-raising experiments, some companies are seeking investors for specific projects.
New business volumes dropped substantially in July and are off 8% compared with 2015, says ELFA.
