Exxon is planning a 20 billion write off
The oil giant may also be forced to fire up to 15% of its workforce.

In addition to the $ 10 billion cost savings, i. 30% of capital expenditures and 15% of cash operating expenses this year, Exxon (NYSE: XOM) sees a 15% downsizing worldwide by the end of 2021. Capital expenditures are seen at $ 16B- $ 19B for the next year and then $ 20B- $ 25B annually through 2025. Eliminate less strategic assets such as certain dry gas resources in the Appalachian Mountains and Rockies, Oklahoma, Texas, Louisiana, and Arkansas in the United States, and western Canada and Argentina. An after-tax cashless charge of $ 17B- $ 20B is expected in the fourth quarter - possibly the largest ever in the oil industry. CEO Darren Woods: "Recent exploration successes and reductions in development costs for strategic investments have further increased the value of our industry-leading investment portfolio ... The continued emphasis on the quality of the asset base - through exploration, outsourcing and prioritizing beneficial development opportunities - will drive profitability and cash Improve generation and restore balance sheet capacity to handle future commodity price cycles while working to maintain a reliable dividend ”.





