Exxon to write off up to $ 20 billion, to reduce capex in 2021

Exxon to write off up to $ 20 billion, to reduce capex in 2021

HOUSTON (Reuters) - US energy company Exxon Mobil Corp (NYSE: XOM) announced on Monday that it intends to include a $ 17 billion to $ 20 billion write-off on gas assets in its quarterly financials and plans to cut costs next year to 15-year lows..

Last month, the company predicted that write-offs could reach $ 30 billion.

CAPEX next year will fall to $ 16-19 billion, the company expects. However, by 2025 the volume of expenditures may exceed the level of the current year, that is, about $ 23 billion, said the head of Exxon Darren Woods..

Exxon shares fell 5% after the close of the main session. Over the past five years, the company's capitalization has halved.

(Jennifer Hillier in Houston and Arathi S Nair in Bangalore. Translated by Vladimir Sadykov. Editor Anna Kozlova)