Tuesday, February 2, 2016

ExxonMobil sees 2015 earnings fall 50%, cuts 2016 spending by 25%


ExxonMobil Corp. plans to reduce its capital and exploration expenditures in 2016 by 25% compared with that of 2015 to $23.2 billion.

The company estimates earnings in 2015 totaled $16.2 billion, a 50% drop from the $32.5 billion earned in 2014. Capital and exploration expenditures were $31.1 billion, down 19% from the 2014 level.

Fourth-quarter earnings were $2.8 billion, down 58% from $6.6 billion in fourth-quarter 2014. MORE