Woods also plans to cut 15% of the company’s workforce by the end of next year.įrom being the largest company in the S&P 500 Index as recently as 2012, Exxon now ranks just inside the top 50 as energy lost its luster and technology giants grew.
ExxonMobil lost money for three consecutive losses, an unprecedented streak, the shares dipped to an 18-year low and the company was ejected from the bosom of blue-chip stocks, the Dow Jones Industrial Average. This year has been particularly bruising for America’s most-iconic oil explorer. In addition to dropping vast swaths of gas assets from the development queue, Woods is capping capital spending at $25 billion a year through 2025, a $10 billion reduction from his pre-pandemic target. The former refinery manager has been forced to recast his seven-year, $210 billion blueprint for rejuvenating the aging ExxonMobil portfolio of crude and gas holdings.
The announcement comes in the waning days of a grueling year for Chief Executive Officer Darren Woods, who’s taken the heretofore anathema steps of firing employees, curtailing retirement benefits and canceling ambitious growth projects.
Meanwhile, capital spending will be drastically reduced through 2025. At the top end of that range, it would represent the industry’s steepest impairment since BP Plc’s 2010 Gulf of Mexico oil spill that killed 11 workers and fouled the sea for months. Skip MenuĮxxonMobil is about to incur the biggest writedown in its modern history as what was once an exemplar of American capitalist might shudders under the weight of debilitated energy markets.ĮxxonMobil – already hobbled by cratering crude prices, a global supply glut and a pandemic-driven collapse in fuel sales – on Monday disclosed it will write down the value of North and South American natural gas fields by $17 billion to $20 billion. Loading Spinner An icon of a loading spinner. Success Tick Timeout An icon of a greyed out success tick. Information An icon of an information logo. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Video Camera An icon of a video camera shape. Previous An icon of an arrow pointing to the left. Notice An explanation mark centred inside a circle. Next An icon of an arrow pointing to the right. Hamburger Menu Icon An icon used to represent a collapsed menu. Search Icon A magnifying glass icon that is used to represent the function of searching. Magnifying Glass An icon of a magnifying glass. Comments An icon of a speech bubble, denoting user comments. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Breaking An icon of an exclamation mark on a circular background. Pause Icon A two-lined pause icon for stopping interactions. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Is Public An icon of a human eye and eyelashes. Telephone An icon of a traditional telephone receiver. Profile An icon that resembles human head and shoulders. Linked In An icon of the Linked In "in" mark. Facebook An icon of the Facebook "f" mark. Caret An icon of a block arrow pointing to the right. Cancel An icon of a circle with a diagonal line across.
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