The Traderszone Network

Published in TZ Latest News 4 March, 2015 by The TZ Newswire Staff

Exxon may delay spending after 2017 if down market persists

Exxon Mobil Corp, the world’s largest publicly traded oil company, said on Wednesday its output would rise slowly through 2017 and it may delay some investments thereafter if crude prices stay low. Oil prices have halved since June, and major oil companies have been trimming budgets for projects to bring expensive and hard-to-find new discoveries online. “The oil and gas business is cyclical and we’ve been here before,” Rex Tillerson, Exxon’s chief executive officer told a meeting of Wall Street analysts.

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