Exxon downsizes global empire

Deep cuts: A view of the Mobil oil refinery in Melbourne. The company must cut its dividend if the share price remains depressed, say analysts. — Reuters

HOUSTON: Ill-timed bets on rising demand have Exxon Mobil Corp facing a shortfall of about US$48bil through 2021, according to a Reuters tally and Wall Street estimates, a situation that will require the top United States oil company to make deep cuts to its staff and projects.

Wall Street investors are even starting to worry about the once-sacrosanct dividend at Exxon, which in the 20th Century became the world’s most valuable company using global scale, relentless expansion and strict financial controls.