Exxon Cracking Down on Employee Travel After Profit Collapse
- Worst quarterly performance since ‘16 presages austerity steps
- Measures may signal increasing worry that demand stays weak
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Exxon Mobil Corp. has been scrutinizing employee-travel budgets since the largest North American oil explorer posted its worst quarterly profit in almost four years, according to people with knowledge of the matter.
Auditing teams have fanned out to some divisions to analyze travel requests involving industry conferences, according to the people, who asked not to be identified because they aren’t authorized to talk publicly. An Exxon spokesman didn’t respond to a request for comment.