By Benjamin Dow (Bloomberg) -- 2017 production target lowered to 2.6mboe/d from 2.8mboe/d, co. says in investor day materials. * Co. keeps 2015 capex guidance at $23b-$24b; 2016 capex range cut to $20b-$21b; 2017 range cut to $17b-$19b * Co. to spend larger share of capex in downstream; 75% of capex to go to upstream, 25% to downstream * Increases opex cuts by 50% to $3b by 2017 * Says production growth to average 6%-7%/y in 2014-17 * Keeps disposals target of $10b during 2015-17 * Says FCF to cover div. in 2017 at $60/bbl * To invest $500m/y in new energies * To delay projects in Australia, Norway, Italy * NOTE: 2016 capex est. $21.3b (16 ests.), 2017 capex est. $20.7b (14 ests.) * 2017 production est. 2.66mboe/d (11 ests.)
No additional delay in PNG.