Exxon Mobil Corp. plans to “significantly reduce spending” due to the impact that COVID-19 pandemic and commodity price decreases, the Irving company announced in a news release on Monday.
“Based on this unprecedented environment, we are evaluating all appropriate steps to significantly reduce capital and operating expenses in the near term,” Exxon Chairman and Chief Executive Officer Darren Woods said in a prepared statement. “We will outline plans when they are finalized.”
Woods noted…
The system, known as NeuFuel, differs from compressed natural gas because it can be used at a lower pressure than CNG.
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