Exxon Mobil Corporation announced today that additions to its
proved reserves in 2010 totaled 3.5 billion oil-equivalent barrels, replacing
209 percent of production. Excluding the impact of asset sales, reserves
additions replaced 211 percent of production.
"ExxonMobil continues to lead the industry in reserves replacement,"
said Rex W. Tillerson, chairman and chief executive officer. "Our
strategic focus on quality resource capture, a disciplined approach to
investment and excellence in project execution have resulted in replacement of
more than 100 percent of production for 17 consecutive years. These reserve
additions will enable ExxonMobil to develop new supplies of energy to meet
future demand and support economic growth and improved standards of
living."
The annual reporting of proved reserves is the product of the corporation's
long-standing, rigorous process that ensures consistency and management
accountability in all reserves bookings.
The corporation's reserves additions in 2010, the highest since the merger of
Exxon and Mobil, reflect strategic acquisitions, new developments, as well as
revisions and extensions of existing fields resulting from drilling, studies
and analysis of reservoir performance. Reserves additions from acquisitions and
subsequent revisions totaled 3 billion oil-equivalent barrels. Additions also
came from the Sakhalin-1 Arkutun Dagi project in
Russia
and
other countries including
Canada
, the
United
States
,
Nigeria
,
Norway
and
Abu
Dhabi
. Liquid additions totaled 905 million
oil-equivalent barrels for a 102 percent replacement ratio and gas additions
totaled 2.6 billion oil-equivalent barrels for a 328 percent replacement ratio.
At year-end 2010, ExxonMobil's proved reserves base increased to 24.8 billion
oil-equivalent barrels, including 2.8 billion oil-equivalent barrels from XTO. The
proved reserves base is split between 47 percent liquids and 53 percent gas,
and includes oil sands extracted by mining and equity company reserves. The
2010 proved developed reserves add of 3.3 billion oil-equivalent barrels was
also the highest since the Exxon and Mobil merger, driven by the successful
startup of several projects, the results of ongoing work programs, and the
acquisition of XTO Energy Inc.
Long-Term View
The long-term nature of the industry, and the large size of the discrete
projects that provide a significant portion of the corporation's reserves
additions, make it appropriate to consider a time horizon longer than a single
year. The 10-year average reserves replacement ratio is 121 percent, with
liquids replacement at 95 percent and gas at 158 percent. The reserves
additions made during this period comprise a diverse range of resource types
and have broad geographical representation. ExxonMobil's reserves life at current production rates
is 15 years.