Exxon Mobil production

Exxon Mobil expects production to decline about 1 percent this year due to weaker output of natural gas.

Over the next five years, however, the oil and gas giant expects production to rise 2 to 3 percent a year.

The company gave the forecast Wednesday at its annual meeting with analysts.

Exxon Mobil’s production fell 6 percent last year, but the company still earned $44.9 billion, barely missing its 2008 record, thanks to higher refining margins.

Time change

Time Warner said it will split off its Time magazine unit into a separate, publicly traded company by the end of the year.

CEO Jeff Bewkes said the decision to split off the magazine company behind publications such as Time, Sports Illustrated and People will give the parent company “strategic clarity” and enable it to focus on its TV networks, movies and TV production businesses.

Meredith, which had been talking with Time Warner about combining their magazines into one company, said it respected Time Warner’s decision.

Toyota’s changes

In a move to give more autonomy to the regions where Toyota sells cars and bring a new generation of leadership to the company’s top management, the automaker announced sweeping executive changes Wednesday.

Among the moves, Toyota appointed the engineer who brought the successful Prius hybrid chairman of the company and named its first outsider and first former General Motors executive to its board of directors.

Staples’ earnings

Staples said its fourth-quarter net income dropped 72 percent, dragged down by charges related to store closings and other matters.

Its adjusted results topped Wall Street’s view, but its forecast for this year was below analysts’ estimates.

The office supplier said it has launched a plan that includes investing more in its online and mobile efforts and expanding the product assortment that it offers to its business customers. The efforts are aimed at serving customers better and accelerating growth.

For the period ending Feb. 2, the chain earned $78.1 million, or 12 cents per share, down from $283.6 million, or 41 cents per share, a year earlier. Revenue rose 3 percent to $6.57 billion.