Exxon Sees Oil, Gas Output Rising Slowly Through 2017
NEW YORK, March 4 (Reuters) - Exxon Mobil Corp said on Wednesday its oil and gas output would rise 2 percent this year and 3 percent in each of the following two years as it spends about $34 billion in 2015, down from a peak.
In 2014, the world's largest publicly traded oil company produced 4 million barrels oil equivalent per day (boed) and it plans to ramp up to 4.3 million boed in 2017.
The slow pace of growth comes as major oil companies find themselves spending heavily to bring hard-to-find major new discoveries online, and as oil prices have halved since mid-2014.
Exxon had previously forecast its oil and gas output would rise 2 percent to 3 percent from 2015 to 2017.
Analysts at Barclays had forecast 2015 output at 4.1 million boed and growth of 1.8 percent between 2014 and 2019.
Exxon had already scaled back its spending plans. In a regulatory filing last week, it said it expected to spend about $34 billion over the next several years, down from a prior forecast for capital expenditures of around $37 billion.
In 2014, Exxon spent $38.5 billion, a decline of 9 percent from a year earlier. The company's spending peaked at $42.5 billion in 2013.
(Reporting by Anna Driver; Editing by Terry Wade and Meredith Mazzilli)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- North America Enters Rig Loss Streak
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension