Exxon to cut spending but sees production rising

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Associated Press

Posted on March 5, 2014 at 4:02 PM

NEW YORK (AP) — Exxon Mobil says it will cut capital spending by 6 percent this year but still boost production of liquids such as oil by 2 percent.

The nation's biggest oil company said Wednesday that it will spend $39.8 billion on energy projects and other costs this year, down from $42.5 billion last year.

Exxon says if it doesn't make acquisitions, annual spending will average less than $37 billion from 2015 to 2017.

The Irving, Texas-based company says production will rise 2 percent this year and 4 percent per year from 2015 through 2017. CEO Rex Tillerson says that Exxon expects to start production at a record 10 major projects this year.

Exxon shares are down $2.76, or 2.9 percent, to $93.76 in afternoon trading.

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