It was revealed on Thursday that Exxon Mobil's (NYSE: XOM) oil and natural gas output in 2012 would drop 3% compared to last year, due to increased spending to bring several new projects on line.
According to Reuters, production is expected to grow by 1 to 2% through 2016, despite the drop in output.
It isn't all on XOM. Other companies like Royal Dutch Shell and BP have struggled to increase oil and gas output in recent years. As a result, they have all had to spend at record levels to get to difficult-to-reach wells.
Continue reading this article at Benzinga.com