NEW YORK -- Oil producer ExxonMobil (IW 500/1) Wednesday outlined a massive capital spending program that it projected would lead to annual output increases of 2% to 3% between 2013 and 2017.

Exxon, delivering its annual analyst presentation at the New York Stock Exchange, said it would spend an average $38 billion per year over the five-year period, up from the $37 billion forecast at last year's meeting.

Exxon projected the capital plan would boost its output from 4.2 million barrels a day of oil-equivalent in 2012 to 4.8 million barrels a day in 2017.

Exxon in 2012 reported profits of $44.9 billion, up 9% from 2011. However, Exxon ended 2011 with oil and gas output of 4.24 million barrels a day, down 5.9% from 2011, nearly double the 3% Exxon had projected a year ago.

On Wednesday, the company said output would continue to decline over 2013, by 1%.

Copyright Agence France-Presse, 2013