BENGALURU: Top United States oil producer Exxon Mobil Corp on Monday said it would write down the value of US$17bil to US$20bil in natural gas properties, its biggest ever impairment, and slash spending next year to its lowest level in 15 years.
The oil major is reeling from the Covid-19 pandemic’s impact on energy demand and prices, and is trying to protect a rich shareholder payout that is yielding 8.6% and costs nearly US$15bil a year.
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