Hard Times in Energyville: Exxon Mobil, Chevron Slash Capex as Upstream Earnings Dive

SUGAR LAND--November 2, 2015--Researched by Industrial Info Resources (Sugar Land, Texas)--Struck by the plunge in upstream oil & gas production earnings, energy giants Chevron Corporation (NYSE:CVX) (San Ramon, California) and Exxon Mobil Corporation (NYSE:XOM) (Houston, Texas) are making massive cuts in their capital expense budgets. Industrial Info is tracking and 181 active Chevron projects worth $123.37 billion, and 224 active Exxon Mobil projects worth $65.20 billion (USD). Meanwhile, midstream, refining and petrochemicals company Phillips 66 (NYSE:PSX) (Houston) also plans to reduce its capital expenditures next year, but its earnings picture looks far sunnier. Industrial Info is tracking 91 active Phillips 66 projects worth $4.02 billion. Within this article: Details on Chevron, Exxon Mobil and Phillips 66's quarter and projects, including the Wheatstone liquefied natural gas (LNG) plant joint venture, in Australia; an LNG liquefaction plant project in British Columbia; and a liquefied petroleum gas production facility and export terminal project in Texas.