ExxonMobil bets big on Russia despite drop in spending
The drop in oil price and increasing costs have led the US company to minimise spending by 12%, but not in Russia
ExxonMobil's announcement on 4 March that it will slash capital spending this year by 12% came as no shock; the drop in the oil price amid falling demand and rising costs has forced all its peers to do likewise. What is surprising, though, is that this most conservative of US corporations continues to bet big on Russia. On 4 March, Rex Tillerson, the company's chief executive, briefed a gathering of investors and analysts on prospects and strategy. The US supermajor plans to further cut its capital expenditure budget in 2015 by 12% to $34 billion, down from a record $42.5bn in 2013. It had already announced plans to reduce capex to $37bn this year. Annual capital and exploration expenditures
Also in this section
18 February 2026
With Texas LNG approaching financial close, Alaska LNG advancing towards a phased buildout and Magnolia LNG positioned for future optionality, Glenfarne CEO Brendan Duval says the coming year will demonstrate how the company’s more focused, owner-operator approach is reshaping LNG infrastructure development in the North America
18 February 2026
The global gas industry is no longer on the backfoot, hesitantly justifying the value of its product, but has greater confidence in gas remaining a core part of the global energy mix for decades
18 February 2026
With marketable supply unlikely to grow significantly and limited scope for pipeline imports, Brazil is expected to continue relying on LNG to cover supply shortfalls, Ieda Gomes, senior adviser of Brazilian thinktank FGV Energia,
tells Petroleum Economist
17 February 2026
The 25th WPC Energy Congress, taking place in Riyadh, Saudi Arabia from 26–30 April 2026, will bring together leaders from the political, industrial, financial and technology sectors under the unifying theme “Pathways to an Energy Future for All”
