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Image courtesy of ConocoPhillips.

ConocoPhillips said Tuesday its projecting a 13 percent output spike in 2017.

The Houston-based company expects production to climb to 1.7 million barrels of oil equivalent per day in 2017 excluding output from Libya, Reuters said.

The company projects output to grow by 2 to 3 percent in 2015 but did not provide details about its 2016 output growth forecast.

In January ConocoPhillips trimmed its 2015 capital budget to $11.5 billion, a $2 billion drop from the previous year.

The cost cuts will mainly come from onshore drilling and exploration deferrals in the continental United States.

The company said it expects to keep funding at its 2015 level for the next two years.

ConocoPhillips reported a fourth quarter net loss of $39 million, or $0.03 per share, down from earnings of $2.5 billion, or $2.00 per share, for the same period in 2013.

Analysts had expected a $0.59 per share profit.