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Exxon says spending to fall 11% to $34B

Feb. 26, 2015 4:57 PM ETExxon Mobil Corporation (XOM) StockXOMBy: Carl Surran, SA News Editor7 Comments
  • Exxon Mobil (NYSE:XOM) says spending will decline ~11% this year to $34B due to plunging oil prices, following a 9% drop in spending during 2014 to $38.5B from the company's all-time spending peak of $42.5B in 2013, according to its latest 10-K.
  • XOM says in the filing that $1B is its maximum exposure to a loss related to compliance with the sanctions the U.S. and the European Union imposed on Russia.
  • Details of XOM's investment plans are due next Wednesday when the company holds its annual meeting with analysts in New York.

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