Friday, March 8, 2013

ExxonMobil Expects Slight Drop in Production in 2013

According to a Reuters report this week, Exxon Mobil Corp expects its oil and natural gas production to fall about 1 percent in 2013, but believes growth will return as the company starts several major projects over the next five years. 

Exxon's output of higher-priced liquids such as crude oil is expected to grow 2 percent this year, while natural gas production is forecast to fall about 5 percent, primarily due to lower-than-anticipated output in North America, Reuters reported. This year, Exxon said it expects to spend $41 billion, the bulk of which is earmarked for exploration and production.

Exxon said it is looking for speedier production growth in North America, where it continues to increase investment in unconventional resources like North Dakota's Bakken formation and Oklahoma's Woodford Ardmore. The company now believes the Woodford Ardmore potentially holds more than 1.5 billion barrels of oil equivalent, more than twice its prior estimate, according to Reuters.

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