As Exxon Slashes 2016 CapEx Forecast By 25%, US Faces Big Hit To GDP
by Tyler Durden
ZeroHedge.com
03/02/2016
And the CapEx hits just keep on coming. Moments ago Rex Tillerson, the CEO of world’s formerly biggest by market cap company, Exxon, confirmed that the great CapEx drought of 2016 will be a definite reality, one which will subtract billions from U.S. 2016 GDP in the form of fixed investment, also known as Capital Expenditures, when it announced that it now expected full year 2016 capex to decline by 25% from 2015 to just $23 billion.
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