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Exxon cuts capital budget

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Exxon Mobil Corp. is slashing its capital budget as the oil industry continues to be adversely impacted by the coronavirus.

The company announced its capital investment plan would be $23 billion for the year, down from the previous figure of $33 billion. Most of the cuts involve the company's holdings in the Permian Basin, the energy region in Texas and New Mexico.

As oil drops, the company is pivoting by making isopropyl alcohol for hand sanitizers and polypropylene for masks.

Read more from Dow Jones Newswires.

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