Multinational oil company, Exxon Mobil said it would continue to cut spending owing to the lingering crash in crude prices.
However, the American oil giant added that it may look at potential acquisitions in a bid to offset a plunge in production.
The oil major, which has a triple-A credit rating, tapped the debt market this week with a $12 billion deal that has led analysts to speculate the oil major may be gearing up for an acquisition spree, Reuters said.
“We have the financial flexibility to pursue attractive opportunities and can adjust our investment programme based on market demand fundamentals,” Exxon Chief Executive Rex Tillerson said in a statement as he and other company executives met with analysts in New York.
Texas-based Exxon said it expects its capital spending, which has been falling since hitting a peak of $42.5 billion in 2013, to drop next year from the $23.2 billion it now plans to spend this year. It spent $31.1 billion in 2015.
