Exxon Mobil (NYSE:XOM)
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2 Years : From May 2011 to May 2013
Exxon Mobil Corp. (XOM) said Thursday its total oil-and-gas production is expected to drop 3% in 2012 but that output will grow 1% to 2% per year above 2011 levels by 2016.
The projections were revealed in slides presented at the company's annual analyst meeting in New York City on Thursday. Exxon Mobil is the world's largest publicly traded oil company.
Texas-based Exxon Mobil said it will maintain its record-high capital spending levels of about $37 billion per year over the next five years, for a total of $185 billion through 2016.
Exxon Mobil's projections shows it continues to struggle to raise production despite spending at record levels.
Exxon also said the start-up of its Kearl Oil Sands project in Canada is expected to start production by the end of the year and that an expansion is on schedule for 2015. Exxon's liquefied-natural-gas project in Papua New Guinea is on schedule to begin production in 2014, the same year its Banyu Urip oil project in Indonesia is expected to commence operations, the company said.
Exxon said exploration activity will start this year in Russia's Kara Sea with 2D and 3D seismic operations. Drilling will commence in the 2014-2015 timeframe.
-By Isabel Ordonez, Dow Jones Newsires; 713-314-6090; firstname.lastname@example.org