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ExxonMobil chief Rex Tillerson

Exxon Mobil said Wednesday it expects oil and natural gas production to be flat this year.

The company also said overall spending will fall 6 percent in 2014,  to around $39.8 billion.

Shares fell 3 percent during trading hours after the company released their output estimates..

“We took a set of low margin barrels off the base,” said CEO Rex Tillerson.

Oil and gas production is expected to be 4 million barrels oil equivalent per day in 2014.

Analysts expect growth to pick up from 2015 to 2017, when production is expected to grow 2 percent to 3 percent as major projects add an additional 1 million boed.