ExxonMobil, one of the world’s largest oil companies will reduce its capital investments in 2016 by 25 percent, compared to 2015. In U.S. dollars, this means that ExxonMobil expects to spend around $23 billion.
The company’s CEO Rex W. Tillerson said that in the time of the low oil prices ExxonMobil would focus on the fundamentals, “selectively investing in the business and paying a reliable and growing dividend.”
“We remain steadfast in our mission to create superior long-term shareholder value,” Tillerson said at the company’s annual analyst meeting at the New York Stock Exchange. “We have the financial flexibility to pursue attractive opportunities and can adjust our investment program based on market demand fundamentals.”
ExxonMobil expects to start up ten new upstream projects in 2016 and 2017, adding 450,000 oil-equivalent barrels per day of working-interest production capacity.