Exxon Mobil sees 2014 capex of $39.8B, down 6.4% from last year's peak

|About: Exxon Mobil Corporation (XOM)|By:, SA News Editor

Exxon Mobil (XOM -1.4%) says it still expects to start production at a record 10 major projects this year, adding new capacity of ~300K boe/day, even as it plans to cut capital spending by ~6.4%.

XOM says at its annual investor meeting that it expects to spend $39.8B in 2014 on production projects and related expenses, down from a peak of $42.5B in 2013; expects capex excluding any potential acquisitions to average less than $37B/year from 2015-17.

Forecasts liquids production will increase 2% this year and 4% annually from 2015-17, and sees liquids and liquids linked natural gas accounting for 69% of total production by 2017.

Says it is pursuing more than 120 high-quality projects to develop ~24B oil equivalent barrels of oil and natural gas.