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Exxon Axes 2020 Capex 30% to $23B; Permian to See Bulk of the Cuts
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ExxonMobil is reducing its 2020 capital spending by 30% and lowering cash operating expenses by 15% in response to the current market conditions.
2020 Capex Lowered 30%; Permian to See Bulk of CutsExxon now plans to spend $23 billion (a decrease of $10 billion/30% from the original plan to spend $33 billion).
Exxon's Permian operations to see majority of the cuts: Reduced activity will affect the pace of drilling and well completions (details on the adjusted Permian D&C plans were not disclosed) Exxon's Current Permian StatsRigs / Frac Crews
Exxon started 2020 with 16-17 frac crews in Permian and 54 rigs. As of April 3, 2020, that is down to 10 frac crews and 49 rigs, a reduction of 39% and 9%, respectively.
Oil Production
Exxon exit (4Q19) Permian oil production was 194 Mbo/d and…
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