ExxonMobil Sharply Reduces Capex, Suspends Share Buybacks as Profits Fall by More Than Half

摘要

With the smallest annual profits in 13 years, ExxonMobil Corp. is reducing its capital spending by 25% to a 10-year low and suspending its share buybacks as a shield in the declining oil and natural gas trade, the largest U.S. operator said Tuesday. The Irving, TX-based supermajor has set capital expenditures in 2016 at $23.2 billion, the leanest spending plan in nine years. In 2013, capex had peaked at $42.5 billion, but in 2015 spending fell to $31 billion.