Exxon Drops to 15-Year Low Ahead of Annual Strategy Presentation
- CEO of energy giant faces daunting task of assuaging investors
- Stock hasn’t traded at these levels since waning days of 2005
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Exxon Mobil Corp. fell to a 15-year low on Monday amid a broad selloff in equity and commodity markets and just over a week before Chief Executive Officer Darren Woods is scheduled to present the oil explorer’s long-term strategic plan to investors and analysts.
The shares have been under pressure since Exxon disclosed disappointing fourth-quarter results in late January and prospects for a near-term recovery were dimmed by the spreading coronavirus. Excess supplies of natural gas, chemicals and motor fuels also weighed on the oil supermajor.