Exxon Mobil Corp. scaled back its production target and said spending on capital projects will continue to drop through the end of next year as the rout in oil and natural gas markets curbs cash flow. Exxon expects output from its 45,000 oil and gas wells to average the equivalent of 4 million to 4.2 million barrels a day through the end of the decade, the Irving, Texas-based explorer said in a slide presentation for its annual analyst day event on Wednesday. That’s a more modest goal than the 4.3 million target for the end of 2017 that Chairman and Chief Executive Officer Rex Tillerson announced a year ago. The company intends to lower spending by about 25 percent this year to $23.2 billion and will continue shaving cash outlays through the end of 2017, according to the slides. Unlike most of its competitors, Exxon is under no pressure […]