Exxon will continue its restructuring program.
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The four-year program includes stock repurchases and possible cutbacks in its refining and marketing operations. Chairman and Chief Executive Cliford C. Garvin said at the giant oil company’s annual meeting in Los Angeles that he didn’t know how much stock Exxon would buy back, and he declined to say which refineries and gas stations might be closed. Exxon has spent $4.5 billion to buy back almost 12% of its stock since July, 1983.
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