Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Photo: Bruce Bennett/Getty Images
ExxonMobil is slashing planned capital spending this year by 30%, with the biggest reductions coming in the U.S. shale patch, the company announced on Tuesday.
Why it matters: It's the latest sign of how oil producers large and small are getting hit by the price collapse and demand cratering due to COVID-19.
Driving the news: Exxon now expects capital spending this year to be roughly $23 billion instead of $33 billion.
- "The largest share of the capital spending reduction will be in the Permian Basin, where short-cycle investments can be more readily adjusted to respond to market conditions, while preserving value over the long term," the company said.
The big picture: It follows spending rolled out by Shell, BP, Chevron and others in recent weeks. The announcement adds specifics to Exxon's warning in mid-March that it intended to significantly cut back this year.
The intrigue: Per Bloomberg, "The scope of the cuts exceeded the expectations of some analysts including those at Goldman Sachs Group Inc. who forecast a reduction to $29 billion."