ConocoPhillips expects output to rise 11 percent in next 3 years

ConocoPhillips expects production to climb 11 percent to touch 1.7 million barrels of oil equivalent per day (mmboed) in 2017.

The company, whose forecast excludes output from Libya, produced 1.532 mmboed in 2014, a 4 percent rise from 2013.

ConocoPhillips said it expects output to grow 2-3 percent in 2015. It did not specify a growth rate for 2016.

The company, which cut its 2015 capital budget by $2 billion to $11.5 billion in January, said it expects to maintain spending at the new level for the next two years.

ConocoPhillips, like its rivals such as Chevron Corp and Apache Corp, has deferred drilling plans and delayed spending on some of its major projects to cope with a roughly 50 percent slump in global crude prices since June.