The US supermajor has also forecasted flat production this year but is eyeing growth to 2017, while chasing North American liquids plays at the expense of gas.
Shares slumped 2.7% around midday in New York on Wednesday.
Chief executive Rex Tillerson said in an analyst meeting on Wednesday, where the company unveiled its energy outlook to 2040, that the Texas-based giant will "maintain a disciplined capital allocation" in its upstream business.
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