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.
Operates 16 Offshore Rigs
- ExxonMobil Reports Papua New Guinea Discovery (Jan 16)
- Exxon, BP Targeted in NYC Suit That Relies on 'Nuisance' Theory (Jan 10)
- ExxonMobil Reports More Offshore Guyana Success (Jan 05)