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Exxon cuts production target

Exxon Mobil (XOM) said overall production will be flat this year, with 2017 output lower than previously expected. The oil giant cited delays in some of its largest projects in Kazakhstan and Australia. It said its Russian projects remain on track, for now. Exxon also will cut capital spending by 6.4% in '14 to $39.8 bil. The stock fell 2.8%.