Exxon Slashes Drilling Budget to 10-Year Low Amid Oil Slump

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  • Weakest annual performance since '02 prompts retrenching
  • World's top oil super-major also curtails share buybacks

Exxon Mobil Corp. is cutting its drilling budget to a 10-year low and halting share buybacks after last year’s belt-tightening failed to shield the world’s biggest oil explorer from crashing energy markets.

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