ExxonMobil is backing off ambitious goals to increase spending and is slicing the book value of some of its assets, particularly the U.S. dry natural gas portfolio, by up to $20 billion.


Following an annual strategic review by the board in late November, the Irving, TX-based energy giant on Monday said it has revised its capital spending outlook and production forecast to 2025.

“As part of the planning process, the company assessed its full portfolio to prioritize assets with the highest future value potential within its broad range of available opportunities in order to optimize resources within current levels of debt and operating cash flow, as well as identify potential asset divestment candidates,” ExxonMobil stated in a Securities and Exchange Commission...