The company, Exxon Mobil Corp has been keeping a tab on the travel budgets of employees after it had posted their worst every quarterly profit in close to four years, as per the reports.
The auditing teams have been fanning out to a few of the divisions for analyzing of the requests of travel which involve the industry conferences as per the reports. There is no information which has come out as yet from Exxon which is the largest oil producer in North America
These measures are not usual for the Texas- based Exxon, Irving which is among a very few of the explorers who have managed to avoid any of the job or dividend cuts in the oil slump of 2014-16. These restrictions might have also signaled the intensifying of concerns among the leadership of Exxon about the recovery prospects as the outbreak of coronavirus of China has slammed the demand for energy globally.
As of now though, Exxon has been shielding their sacrosanct dividend from slump in oil prices as the chinks have been appearing in the armor of the crude giant from the year 2016 when S&P had revoked the gold plated rating of the company in terms of credit for the very first time after the Great Depression. Though, Exxon has at a steady rate raised the annual dividends, the cash flows have not been keeping pace and also forcing the company for using their borrowed money as well as the asset sales for funding payouts.
The investors have punished Exxon after their disclosure of the results in the fourth quarter on the 31st of January and warned that these chemical business is going to be challenging for the other parts of the year.