Exxon Mobil scales back shale ambitions

Low carbon: Exxon Mobil refinery in Baytown, Texas. Exxon vowed to increase its investments in carbon capture and storage as part of a new low-carbon business. — Reuters

HOUSTON: Exxon Mobil Corp is lowering its ambitions for oil and gas output, it said, as it focuses on cutting costs and preserving dividends to win back investors that have soured on the company after years of overspending.

The top US oil producer incurred a historic loss of US$22.4bil (RM90.89bil) last year and is trying to convince a skeptical Wall Street that it can rebound after years of overspending left it deeply indebted and lagging behind rivals better geared for a world demanding cleaner fuels.