Exxon Mobil Corp. /zigman2/quotes/204455864/composite XOM -1.13% said late Monday it is "looking to significantly reduce spending" in the near-term as a result of market conditions caused by the COVID-19 pandemic and commodity price decreases. "We will outline plans when they are finalized," Chief Executive Darren Woods said in a statement. Exxon has faced "numerous" market downturns and has experience operating in a continued low-price environment, the company said. "We remain focused on being a safe, low-cost operator and creating long-term value for shareholders," Woods said. Earlier Monday, S&P Global Ratings lowered its ratings on Exxon one notch to AA, saying the oil giant's cash flow has fallen "well below" expectations the ratings agency had for the company. Shares of Exxon rose 3% in the extended session Monday after ending the regular trading day down 9.5%.