<p>Exxon Mobil said Monday it will write down as much as $20 billion in assets as the oil giant slashes capital spending due to low oil prices amid the coronavirus pandemic.</p>.<p>ExxonMobil, which has reported losses the last three quarters, said it will account for a $17-20 billion write-down in the fourth quarter based on shifting assets from the United States, Canada and Argentina out of its development plan.</p>.<p>To raise money, the company also plans to divest less strategic assets, depending on market conditions.</p>.<p>"Continued emphasis on high-grading the asset base -- through exploration, divestment and prioritization of advantaged development opportunities -- will improve earnings power and cash generation, and rebuild balance sheet capacity to manage future commodity price cycles while working to maintain a reliable dividend," said Chief Executive Darren Woods.</p>.<p>The announcement is the latest sign of how the industry-wide downturn has dragged down ExxonMobil, which was bumped from the prestigious Dow index earlier this year.</p>.<p>The company said last month it was cutting 15 per cent of its global staff through 2022.</p>.<p>ExxonMobil plans a capital budget of between $16 and $19 billion in 2021, down from 2020's expected level of $23 billion. It foresees spending between $20 and $25 billion annually through 2025.</p>.<p>Earlier Monday, members of the Organization of the Petroleum Exporting Countries failed to reach agreement on production limits and set plans to resume talks on Tuesday.</p>
<p>Exxon Mobil said Monday it will write down as much as $20 billion in assets as the oil giant slashes capital spending due to low oil prices amid the coronavirus pandemic.</p>.<p>ExxonMobil, which has reported losses the last three quarters, said it will account for a $17-20 billion write-down in the fourth quarter based on shifting assets from the United States, Canada and Argentina out of its development plan.</p>.<p>To raise money, the company also plans to divest less strategic assets, depending on market conditions.</p>.<p>"Continued emphasis on high-grading the asset base -- through exploration, divestment and prioritization of advantaged development opportunities -- will improve earnings power and cash generation, and rebuild balance sheet capacity to manage future commodity price cycles while working to maintain a reliable dividend," said Chief Executive Darren Woods.</p>.<p>The announcement is the latest sign of how the industry-wide downturn has dragged down ExxonMobil, which was bumped from the prestigious Dow index earlier this year.</p>.<p>The company said last month it was cutting 15 per cent of its global staff through 2022.</p>.<p>ExxonMobil plans a capital budget of between $16 and $19 billion in 2021, down from 2020's expected level of $23 billion. It foresees spending between $20 and $25 billion annually through 2025.</p>.<p>Earlier Monday, members of the Organization of the Petroleum Exporting Countries failed to reach agreement on production limits and set plans to resume talks on Tuesday.</p>