The largest US oil company revealed on Friday that it pumped 7% less oil and gas around the world last quarter. The steepest declines came in Europe, where Exxon's natural gas business has been stumbling. Exxon said it's also intentionally cutting back natural gas production in the United States to "pivot" toward oil. That decision reflects depressed natural gas prices and underscores the damage done by Exxon's 2010 purchase of natural gas producer XTO Energy. Exxon scrapped its buyback plan in early 2016 as oil prices crashed.

Source: CNN July 27, 2018 12:22 UTC