Exxon Take the Long Viw | Russell T. Rudy Energy LLC
While many smaller companies are cutting back on capital spending by 20-50%, Exxon announced it will implement an 11% reduction according to an article in “Rigzone”. The company explained that it views oil and gas projects in the context of long term prospects rather than reacting to short term phenomena such as the recent crude price collapse. Capital spending for 2015 is projected at $34 billion.
Exxon also disclosed that its exposure to losses resulting from U. S. and EU economic sanctions against Russia is about $1 billion. The company is involved in projects in the Black Sea, the Arctic, and Western Siberia, all of which have been wound down.
To read the article in its entirety, please go to www.rigzone.com/news/article.asp?hpf=1&a_id=137423&utm .
