Exxon Eyes Production at 10 New Projects

By James Burgess

Supergiant oil company ExxonMobil Corp. says it plans to simultaneously cut spending and launch production at a record 10 major projects this year, adding 300,000 barrels of oil equivalent per day of net capacity to its portfolio. ExxonMobil’s capital spending will decline to $39.8 billion this year from a peak of $42.5 billion in 2013, with capital expenditures expected to average less than $37 billion per year from 2015 to 2017, excluding potential acquisitions.

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