Exxon Drops to 15-Year Low Ahead of Annual Strategy Presentation
(Bloomberg) -- Exxon Mobil Corp. fell to a 15-year low on Monday amid a broad selloff in equity and commodity markets and just over a week before Chief Executive Officer Darren Woods is scheduled to present the oil explorer’s long-term strategic plan to investors and analysts.
The shares have been under pressure since Exxon disclosed disappointing fourth-quarter results in late January and prospects for a near-term recovery were dimmed by the spreading coronavirus. Excess supplies of natural gas, chemicals and motor fuels also weighed on the oil supermajor.
Exxon fell 4.7% to close at $56.36 on Monday in New York as Brent crude tumbled to about $56 a barrel. The last time the Texas-based driller’s stock traded at this level was the end of 2005, when crude fetched $59.
Exxon has been scrutinizing employee-travel budgets since posting its worst quarterly profit in almost four years, people with knowledge of the matter told Bloomberg News earlier this month. Auditing teams have fanned out to some divisions to analyze travel requests involving industry conferences, the people said.
Woods is focused on rebuilding Exxon’s portfolio of crude and gas projects through new drilling from Guyana to Mozambique. But investors have so far balked at the huge cost. Woods is scheduled to defend his strategy in a day-long presentation on March 5 in New York.
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