ExxonMobil to reduce capital investments by 25% this year

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exxon2On Wednesday the biggest US oil company ExxonMobil nnounced reduction of capital investments planned in 2016 by 25% to $23 billion.

            The company’s press release reads that it plans to wait through the current stage of the raw material cycle at the expense of preservation of concentration on the main directions of activities and selecting investments into business development. ExxonMobil plans to continue paying reliable dividends, said Rex Tillerso.

            In 2016-2017 ExxonMobile plans to launch 10 new production projects and increase the production potential by 450,000 barrels of oil equivalent a day.

            In 2015 ExxonMobil reduced capital investments and operation costs by $12 billion.

During past 12 months Exxon Mobile shares went down by 7.7% and their price at the preliminary auctios in New York decreased by 0.4% on Wednesday.

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