ExxonMobil, which has reported losses the last three quarters, said it will account for a US$17-20 billion write-down in the fourth quarter based on shifting assets from the US, Canada and Argentina out of its development plan.

To raise money, the company also plans to divest less strategic assets, depending on market conditions.

“Continued emphasis on high-grading the asset base – through exploration, divestment and prioritisation of advantaged development opportunities – will improve earnings power and cash generation, and rebuild balance sheet capacity to manage future commodity price cycles while working to maintain a reliable dividend,” said Chief Executive Darren Woods.

The announcement is the latest sign of how the industry-wide downturn has dragged down ExxonMobil, which was bumped from the prestigious Dow index earlier this year.

The company said last month it was cutting 15% of its global staff through 2022.

ExxonMobil plans a capital budget of between US$16 and US$19 billion in 2021, down from 2020’s expected level of US$23 billion. It foresees spending between US$20 and US$25 billion annually through 2025.

Earlier Monday, members of the Organization of the Petroleum Exporting Countries failed to reach agreement on production limits and set plans to resume talks on Tuesday.