Corporate challenges: Woods faces the prospect of slow growth and billions of dollars in new spending for Exxon Mobil. — Reuters
HOUSTON: Exxon Mobil Corp’s US$200mil write-down last month on abandoned ventures in Russia – once its next big frontier – points to challenges facing chief executive Darren Woods in his second year leading the world’s largest publicly traded oil producer.
Some of the biggest bets taken by his predecessor Rex Tillerson, now the US secretary of state, have resulted in billions of dollars in writedowns amid falling production and a stock price that has long lagged peers.
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