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 Information in the story may be outdated or superseded by additional information.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 This material may not be published, broadcast, rewritten or redistributed.