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.
