The company is planning to increase production volumes by 2% to 4.1 million oil-equivalent barrels per day, supported by the launch of seven new major developments and by several completed projects in 2014.
ExxonMobil chairman and CEO Rex Tillerson said that the company plans to increase daily production to 4.3 million oil-equivalent barrels in next three years.
"Our integrated model along with our unmatched financial flexibility enable us to execute our business strategy and create shareholder value through the commodity price cycle," Tillerson said.
The new major developments include Hadrian South in the Gulf of Mexico, expansion of the Kearl project in Canada, Banyu Urip in Indonesia and deepwater expansion projects at Erha in Nigeria and Kizomba in Angola.
Production ramp up is anticipated from several projects including Gorgon Jansz in Australia, Hebron in Eastern Canada and expansions of Upper Zakum in the UAE and Odoptu in Far East Russia, in the next two years.
During 2015, the company plans for capital spending of about $34bn, which represents a 12% decrease from 2014.
Additional cuts are expected in 2016 and 2017, when annual capital and exploration expenditures are expected to average less than $34bn.
