Exxon pledges 'significant' spending cuts amid coronavirus, oil slide

Exxon Mobil on Monday said it will make "significant" cuts to spending in the face of the unprecedented slide in oil prices due to the global coronavirus outbreak.

The decision was a stunning reversal for the largest U.S. oil producer, which two weeks ago pledged to "lean in" to the market drop and maintain its investments in a belief that oil demand would rise in the long run. Other major oil companies have pared costs amid falling demand and newly unbridled output by Saudi Arabia and Russia. U.S. shale companies have outlined plans to cut their drilling expenses by 25% to 30% to cope with the massive downturn in oil prices and demand.

"We remain focused on being a safe, low-cost operator and creating long-term value for shareholders," said Exxon Chief Executive Darren Woods. On Monday, Exxon asked non-essential employees at several locations to work from home to reduce the risks of spreading the coronavirus among its offices and refineries.

The world's largest publicly traded oil company, Saudi Aramco, last week outline plans to cut spending by $2.8 billion to $7.8 billion. BP and Chevron also promised unspecified expense cuts. Exxon is reevaluating undisclosed cuts to its capital spending budget, and will details specific cuts later, Chief Executive Darren Woods said in a statement. It earlier said it planned to spend between $30 billion and $33 billion this year.