Exxon Mobil plans to reduce the number of oil rigs operating in Texas

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Exxon Mobil said Thursday it plans to reduce the number of oil rigs operating in an oil-rich region in the Southwest and may cut planned capital expenditures as the spreading coronavirus saps energy demand.

The price of a barrel of oil has fallen more than 25% since the start of the year, and 8% in the last month, with energy demand expected to shrink as the Corona outbreak, drags on the global economy.

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