ExxonMobil Has No Plans to Cut Spending Even as Crude Oil Prices Keep Sinking

ExxonMobil (NYSE: XOM) reaffirmed its plan to spend between $30 billion and $35 billion per year through 2025 on capital projects, including up to $33 billion in 2020. That confirmation comes even though the energy markets have weakened considerably this year due to the COVID-19 coronavirus outbreak. The price of oil has plunged 20% in 2020, while natural gas is down to levels not seen since the 1990s. 

Speaking at the company's annual investor day meeting, CEO Darren Wood stated that Exxon is "mindful of the current market environment." However, Woods said that Exxon plans to maintain its current strategy of "leaning into this market when others have pulled back." 

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