ExxonMobil Looks to Cut Operating Costs Due to COVID-19

Oil and gas firm ExxonMobil said Monday that it is examining ways to “significantly reduce spending” as the COVID-19 pandemic rocks global markets and pushes commodity prices down. 

“Based on this unprecedented environment, we are revaluating all appropriate steps to significantly reduce capital and operating expenses in the near term,” Darren Woods, the firm’s chairman and chief executive officer, said in a press release. “We will outline plans when they are finalized.”

The Irving, TX-based company has altered its operations to provide a healthy work environment to its employees and support the communities where ExxonMobil has facilities. 

“We are confident that we will manage through these challenging times by taking deliberate action to keep our people safe, our environment protected, and our company strong,” Woods stated. 

The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) recently issued guidance for managing coronavirus in the workplace. 

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