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Home | News |ExxonMobil slashes capital spending by 25% in 2016
ExxonMobil slashes capital spending by 25% in 2016
Updated: 2016-03-04 09:47 Source: Market Report Company share:

ExxonMobil anticipates capital spending of USD23 billion in 2016, down 25% from 2015. The company continues to selectively advance its investment portfolio, building upon attractive longer-term opportunities, as per the company's press release.

Exxon Mobil Corporation is achieving industry-leading financial performance throughout the commodity price cycle by maintaining a focus on the fundamentals, selectively investing in the business and paying a reliable and growing dividend, Rex W. Tillerson, chairman and chief executive officer, said.

"We remain steadfast in our mission to create superior long-term shareholder value," Tillerson said at the company’s annual analyst meeting at the New York Stock Exchange. "We have the financial flexibility to pursue attractive opportunities and can adjust our investment program based on market demand fundamentals."

"We are focused on maximizing benefits across the energy value chain," Tillerson said. The company captures unique value from its diverse, high-quality resource base from exploration, development and production all the way through to the fuels, lubricants and petrochemical products used by consumers.

ExxonMobil is on track to start up 10 new Upstream projects in 2016 and 2017, adding 450,000 oil-equivalent barrels per day of working-interest production capacity. The company is enhancing resource value through production optimization, technology application and cost management.

ExxonMobil’s Downstream and Chemical businesses have the scale and integration across refining, lubricants and chemicals to maximize product value while driving operating efficiency. Approximately 80 percent of the company’s 5 million barrel-per-day refining capacity is integrated with chemical and lubricant manufacturing facilities.

"We are advancing several Downstream and Chemical projects to increase feedstock flexibility, produce higher-value products and expand logistics capabilities to strengthen our competitive advantage in these businesses," Tillerson said.

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