Exxon tightens belt on employee travel
Travel requests involving industry conferences are especially being eyed closely
Exxon Mobil is watching its pennies following the worst quarterly profit in almost four years.
The oil giant is scrutinizing employee-travel budgets, according to Bloomberg.
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Travel requests involving industry conferences are especially being eyed closely.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XOM | EXXON MOBIL CORP. | 118.61 | +3.66 | +3.18% |
An Exxon spokesman didn’t respond to Bloomberg for a comment.
GAS PRICES CONTINUE DOWNWARD TREND
The company is closely watching oil demand, especially the impact the outbreak of coronavirus may have on the industry.
The company has so far protected its dividend, raising it steadily despite a cash flow not keeping pace.
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Exxon shares have lost $17 billion in market value since reporting disappointing results on Jan. 31, warning that conditions in its chemical business will remain “challenging” for the rest of this year.