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Exxon Mobil's total reserves drop by a third after Covid-19 oil price drop

The reserves reductions were "a result of very low prices during 2020 and the effects of reductions in capital expenditures," the company said in a filing

Topics
Exxon Mobil | Coronavirus | Oil production

Reuters 

(Reuters) - Exxon Mobil Corp's global oil and gas reserves tumbled by a third last year as the COVID-19 pandemic slammed global oil prices and demand, the company said on Wednesday. The largest U.S. oil producer is reeling from the sharp decline in oil demand and a series of bad bets on projects when prices were much higher. It slashed project spending by a third last year, cut jobs and added to debt to cover its dividend. Exxon's reserves are at their lowest since the merger between Exxon and Mobil in 1999 and were "a result of very low prices during 2020 and the ...

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First Published: Thu, February 25 2021. 12:58 IST
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