Find a list of your saved stories here

Exxon to cut spending but sees production rising


Save Story

Save stories to read later


Estimated read time: Less than a minute

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

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.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Most recent Business stories

Related topics

Business
The Associated Press

    SIGN UP FOR THE KSL.COM NEWSLETTER

    Catch up on the top news and features from KSL.com, sent weekly.
    By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

    KSL Weather Forecast