By Joe Carroll and Lucia Kassai
The austerity measures are unusual for Irving, Texas-based Exxon, one of the few major explorers to avoid job or dividend cuts during the 2014-16 oil slump. The restrictions may also signal intensifying concern among Exxon leadership about the prospects for a recovery as China’s coronavirus outbreak slams global energy demand.
An Exxon spokesman didn’t immediately respond to a request for comment.
Exxon has been punished by investors since disclosing fourth-quarter results on Jan. 31 and warning that conditions in its chemical business will remain “challenging” for the rest of this year. In the seven trading sessions since that report, the company shed about $20 billion in market value.