ExxonMobil's 'leaner ship' floats higher than rivals in oil downturn

Chicago

DECADES of financial discipline that honed ExxonMobil Corp into the leanest, most-efficient oil company in the world are paying off as it navigates the worst market slump since the 1980s.

As industry job cuts top 200,000 worldwide, ExxonMobil has kept its 75,300-strong workforce intact with none of the sweeping layoffs seen at other oil companies, including its biggest US rival Chevron Corp.

"Exxon is just stronger financially than anyone else out there," said Brian Youngberg, an analyst at Edward Jones & Co in St Louis. "They were running a leaner ship to begin with."

ExxonMobil posted higher-than-expected third-quarter earnings on Friday thanks …