Exxon, BP retool ahead of 'tough' year

摘要

Oil giants ExxonMobil and BP put on a brave face Tuesday promising fresh spending and jobs cuts to ride out the protracted oil price slump which has slashed their earnings and rekindled doubts over their ability to keep growing output. ExxonMobil cut its 2016 capital spending by a quarter while BP announced a new wave of layoffs but the supermajors stuck to production guidance in even as swaths of their existing projects pump at below breakeven costs.