Exxon Mobil on Monday said it will make 'significant' cuts to spending...
FILE PHOTO: A logo of the Exxon Mobil Corp is seen Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes
The decision was a stunning reversal for the largest U.S. oil producer, which two weeks ago pledged to “lean in” to the market drop and maintain its investments in a belief that oil demand would rise in the long run. “We remain focused on being a safe, low-cost operator and creating long-term value for shareholders,” said Exxon Chief Executive Darren Woods.
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