ExxonMobil admits output 'to fall 1% in 2013'

Expanding exploration: Tillerson looks to new acreage

ANTHONY GUEGEL/UPSTREAM

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Bill Lehane ,

News Wires

 06 March 2013 14:28 GMT

US supermajor ExxonMobil has admitted it expects its production to fall by 1% this year but insisted output would grow over the coming years.

The explorer put the drop down to its switch away from natural gas with output expected to drop 5% in 2013, while higher-priced oil and liquids are expected to grow 2%.

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

The company revealed the forecasted drop in a presentation in New York ahead of an annual meeting with investment analysts, Reuters reported.

Speaking to analysts at the briefing, chief executive Rex Tillerson said ExxonMobil plans to add 1 million boe from large-scale project start-ups…

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