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News Summary: Exxon sees temporary production dip

The Associated Press

PRODUCTION SEE-SAW: Exxon Mobil Corp. said Wednesday that production of oil and gas will dip 1 percent this year but then rise through 2017.

COSTLY SEARCH: The company plans to spend $190 billion on exploration and development over the next five years.

BIG PROJECTS: Exxon's future will hinge partly on new projects and expanding ones, including its Kearl oil-sands operation in Alberta, Canada, a liquefied natural gas project in Papua New Guinea due to begin production next year, and oil exploration in the Russian Arctic.