Tuesday, 08 Sep 2020 12:19 PM MYT
Exxon weathered a series of setbacks last decade and under Chief Executive Darren Woods sought to return to past prominence by big bets on US shale oilfields, pipelines and global refining and plastics. It also bet big on offshore Guyana, where it discovered up to 8 billion barrels of oil, six years of production at its current rate.
Exxon declined to make an executive available for an interview, and a spokesman said details of cost cuts would be disclosed early next year. The European majors also are adding renewable energy and electricity to their portfolios, a hedge against permanently reduced oil and gas demand. BP plans by 2030 to reduce its fossil fuel production by 40 per cent. It plans to sell even more fossil fuel properties if oil prices have a sustained rally.Exxon’s cash from operations — estimated to be about US$17.
A cut would be “cataclysmic” for Exxon’s stock, said equity analyst Paul Sankey of Sankey Research, given that executives in July reiterated its importance. “Each of our core businesses could be a powerhouse in its own right,” Woods said when he rolled out the vision in early 2017. At the time, he was pushing back at calls to spin off businesses to boost lagging returns.
Source: News Formal (newsformal.com)
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