The largest U.S. oil producer by volume plans to cut its capital spending for 2021 to between $16 billion to $19 billion from a planned $23 billion this year. Exxon has not had writedowns in shale fields this year and has long said it believes demand will grow for its products as more people join the middle class globally. Exxon’s third-quarter net loss was $680 million, or 15 cents per share, compared with a profit of $3.17 billion, or 75 cents per share, a year earlier. …read more
Source:: Yahoo Finance
