ExxonMobil said it will continue to reduce spending and said it may look at potential acquisitions in a bid to offset a dip in production.
The company said it expects capital spending to drop next year from the $23.2billion it now plans to spend this year.
Last year, the company spent $31.1billion.
Chief executive Rex Tillerson said: “We have the financial flexibility to pursue attractive opportunities and can adjust our investment program based on market demand fundamentals.”
In 2015, Exxon said its average annual spending would be around $34 billion over the next several years.
The US oil and gas company said it is also on track to start-up 10 new oil and gas projects through the end of next year, which would add 450,000 barrels of oil equivalent per day to its production capacity.
It expects long-term production of between 4million and 4.2million boed through to 2020, compared to 4.25million in the final quarter of 2015.
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