Exxon Mobil steps back from plan to increase spending

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Exxon Mobil Corp. stepped back from a plan to increase spending to boost its oil and gas production.

The company now plans to spend $19 billion or less next year and $20 billion to $25 billion a year between 2022 and 2025. It previously had planned to spend $30 billion annually through 2025.

The oil company lost more than $2.3 billion during the first three quarters this year.

Read more from The Wall Street Journal.