Irving-based Exxon Mobil said in a regulatory filing that it expects capital spending of about $37 billion annually the next several years, compared to $42.5 billion in 2013. In a filing with the Securities and Exchange Commission Wednesday, Exxon said its capital and exploration spending “could vary depending on the progress of individual projects and property acquisitions.” Most of that spending in in exploration and production, and about 75 percent of it was overseas.
In a Jan. 30 earnings call, vice president of investor relations David Rosenthal✔ told financial analysts the company had “been in a very capital-intensive mode” that would pay off in higher production. While the company more than replaced its production last year with new reserves, it said in the SEC filing that absent new projects its production “is expected to decline at an average of approximately 3 percent over the next few years.” That figure would vary given contract terms that change the company’s share of production based on market prices.
Exxon said cash provided by its operating activities totaled $44.9 billion in 2013, down $11.3 billion from 2012.
-- Jim Fuquay