Oil industry cutting jobs, investment to offset lower prices Oil companies are cutting investment, slashing jobs and selling off pipelines and other assets as crude prices plunge. The latest warnings came from Exxon Mobil, which reported Tuesday that fourth-quarter earnings fell 58 percent in the oil giant's weakest quarter since 2002. Exxon boosted production of oil and natural gas by nearly 5 percent. Oil companies are counting on seasonal demand to pick up some of the slack later this year, but it is anyone's guess how long the current lower crude prices will last. Consumers are benefiting from cheaper gasoline and other fuels, but oil companies and employees are feeling the pain. The company says it has 20 percent fewer workers than five years ago and will continue to focus on "productivity enhancements" and efficiency, said director of investor relations Jeff Woodbury. The UK's biggest energy company reported that fourth-quarter earnings fell to $196 million from $2.2 billion on lower prices and another huge set-aside to cover costs related to the 2010 drilling rig disaster in the Gulf of Mexico. Higher margins in refining weren't enough to offset lower oil prices. The No.
Oil Industry Cutting Jobs, Investment To Offset Lower Prices
By DAVID KOENIG and DANICA KIRKA, Associated Press, San Antonio Express-News: World
Tue, 02/02/2016 - 3:18pm
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