US oil giant ExxonMobil Wednesday outlined a massive capital spending program that it projected would lead to annual output increases of two to three percent between 2013 and 2017.
Exxon, delivering its annual analyst presentation at the New York Stock Exchange, said it would spend an average $38 billion per year over the five-year period, up from the $37 billion forecast at last year's meeting.
Exxon projected the capital plan would boost its output from 4.2 million barrels a day of oil-equivalent in 2012 to 4.8 million barrels a day in 2017.
Exxon in 2012 reported profits of $44.9 billion, up nine percent from 2011. However, Exxon ended 2011 with oil and gas output of 4.24 million barrels a day, down 5.9 percent from 2011, nearly double the three percent Exxon had projected a year ago.
On Wednesday the company said output would continue to decline over 2013, by by one percent.