ExxonMobil to cut capital spending by 6 per cent this year

Exxon Mobil said it would cut capital spending by 6 per cent this year but boost production of liquids such as oil by 2 per cent.

AP reported yesterday that the biggest oil company in the US would spend $39.8 billion on energy projects and other costs this year, down from $42.5 billion last year, the report said.

Exxon said if it did not make acquisitions, annual spending would average less than $37 billion from 2015 to 2017.

The Irving, Texas-based company said production would increase 2 per cent this year and 4 per cent per year from 2015 through 2017.

According to CEO Rex Tillerson, the company expected to start production at a record 10 major projects this year.