US oil giants cut output as Exxon Mobil reports 1st loss in decades
US oil giants cut output as Exxon Mobil reports 1st loss in decades

New York (AFP) – US oil giants Exxon Mobil and Chevron said Friday they were curtailing some production as they slash capital spending in response to an acute industry downturn in the wake of the coronavirus crisis.Both US oil giants announced the belt-tightening moves as they reported first quarter results, a period that saw oil prices retreat, but which preceded the first-ever drop in US crude futures to negative territory in April. Results are expected to be far worse in the second quarter.Exxon Mobil — which reported its first quarterly loss in decades Friday — said it would curtail 400,…

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