XOM Exxon Mobil Corp

   (FROM THE WALL STREET JOURNAL 3/3/16) 
   By Tess Stynes 

Exxon Mobil Corp. reaffirmed plans to cut capital spending 25% this year, as the oil giant met with analysts Wednesday in New York.

The company's annual analyst meeting comes a month after Exxon Mobil posted its weakest annual results in more than a decade, making it one of several global oil giants to get smacked by a prolonged commodities rout. Exxon's annual earnings were cut in half to $16.2 billion, forcing the Irving, Texas, company to put its share-buyback plan on hold to preserve cash.

Exxon Mobil on Wednesday reiterated that it plans capital expenditures of roughly $23 billion this year, down from a reduced $31.1 billion in 2015. About a year ago, Exxon had projected its 2015 capital spending budget at $34 billion, a decline of 12% from 2014, but reined in spending as the year progressed.

In prepared remarks Wednesday, Exxon Mobil Chairman and Chief Executive Rex W. Tillerson said, "We have the financial flexibility to pursue attractive opportunities and can adjust our investment program based on market demand fundamentals."

The comment comes two days after Exxon Mobil sold $12 billion of new bonds, one of the biggest corporate-debt deals of the year and a sign investors remain willing to lend to higher-quality companies.

(END) Dow Jones Newswires

March 03, 2016 02:47 ET (07:47 GMT)

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