Tags: exxon | output | growth | oil

Exxon's 2013 Output to Fall Before Growth Returns

Wednesday, 06 Mar 2013 10:11 AM

Exxon Mobil Corp. said on Wednesday its oil and natural gas production will fall about 1 percent in 2013, but growth will return as more major projects are started over the next five years.

The world's largest oil companies have struggled to increase oil and gas output, forcing them to invest record amounts of capital to tap into difficult-to-reach fields.  Projects including the company's Kearl oil sands development and fields offshore Angola are expected to boost oil and gas volumes in coming years for the world's largest publicly traded oil company, Exxon said at its annual analyst meeting.

Through 2017, Exxon expects its annual oil and gas output to rise 2 percent to 3 percent.

Exxon output of higher-priced liquids like crude oil is expected to grow 2 percent this year, while natural gas production falls about 5 percent.

Last year, Exxon's oil and gas production fell 6 percent to average 4.2 million barrels of oil equivalent (boe) per day.

Shares of Irving, Texas based Exxon fell 16 cents to $89.45 in morning New York Stock Exchange trading.


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Exxon Mobil Corp. said its oil and natural gas production will fall about 1 percent in 2013, but growth will return as more major projects are started over the next five years.
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2013-11-06
Wednesday, 06 Mar 2013 10:11 AM
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