UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 15, 2011
Exxon Mobil Corporation
(Exact name of registrant as specified in its charter)
New Jersey | 1-2256 | 13-5409005 |
(State or other jurisdiction | (Commission | (IRS Employer |
of incorporation) | File Number) | Identification No.) |
5959 LAS COLINAS BOULEVARD, IRVING, TEXAS 75039-2298
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code: (972) 444-1000
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| (Former name or former address, if changed since last report) |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01
Regulation FD Disclosure
Item 2.02
Results of Operations and Financial Condition
The following information is furnished pursuant to both Item 7.01 and Item 2.02.
The Registrant hereby furnishes the information set forth in its News Release, dated February 15, 2011, announcing 2010 additions to worldwide proved oil and gas reserves and the related reserves replacement percentage, a copy of which is included as Exhibit 99.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
EXXON MOBIL CORPORATION
Date: February 15, 2011
By:
/s/ Patrick T. Mulva
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Name:
Patrick T. Mulva
Title:
Vice President, Controller and
Principal Accounting Officer
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INDEX TO EXHIBITS
Exhibit No.
Description
99
Exxon Mobil Corporation News Release, dated February 15, 2011, announcing 2010 additions to worldwide proved oil and gas reserves and the related reserves replacement percentage.
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EXHIBIT 99
News Release | |||
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| Exxon Mobil Corporation | ||
| 5959 Las Colinas Boulevard | ||
CONTACT: Alan Jeffers, ExxonMobil | Irving, TX 75039-2298 | ||
(972) 444-1107 | 972 444 1107 Telephone | ||
| 972 444 1138 Facsimile | ||
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| FOR IMMEDIATE RELEASE | ||
| TUESDAY, FEBRUARY 15, 2011 |
EXXON MOBIL CORPORATION ANNOUNCES 2010 RESERVES REPLACEMENT
IRVING, Texas--(BUSINESS WIRE)--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 corporations long-standing, rigorous process that ensures consistency and management accountability in all reserves bookings.
The corporations 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 corporations 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. ExxonMobils reserves life at current production rates is 15 years.
Industry-Leading Resource Base
ExxonMobil added 14.6 billion oil-equivalent barrels to its resource base in 2010. This represents the largest annual growth and largest total resource base since the Exxon and Mobil merger, driven by resource additions from the United States, Canada, Iraq, Australia, West Africa and Europe. These additions include strategic acquisitions, continued success in making by-the-bit exploration discoveries, undeveloped resource additions, and revisions to our existing resources from ongoing studies. The resource base associated with the XTO acquisition is 60 trillion cubic feet equivalent. Overall, the corporations resource base grew by 9.7 billion oil-equivalent barrels to 84.5 billion oil-equivalent barrels, taking into account field revisions, production and asset sales. The resource base includes proved reserves, plus other discovered resources that are expected to be ultimately recovered.
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CAUTIONARY NOTE: Proved reserves in this release, for 2009 and later years are based on current SEC definitions, but for prior years the referenced proved reserve volumes are determined on bases that differ from SEC definitions in effect at the time. Specifically, for years prior to 2009 included in our 10-year average replacement ratio, reserves are determined using the SEC pricing basis but including oil sands and our pro-rata share of equity company reserves for all periods. Prior to 2009, oil sands and equity company reserves were not included in proved oil and gas reserves as defined by the SEC. For years prior to 2009 included in our 17 straight years of at least 100 percent replacement, reserves are determined using the price and cost assumptions we use in managing the business, not the historic prices used in SEC definitions. Reserves determined on ExxonMobil's pricing basis also include oil sands an d equity company reserves for all periods.
The reserves replacement ratio is calculated for a specified period utilizing the applicable proved oil-equivalent reserves additions divided by oil-equivalent production.
The terms resources and resource base include quantities of discovered oil and gas that are not yet classified as proved reserves but that are expected to be ultimately recovered in the future. The term resource base is not intended to correspond to SEC definitions such as probable or possible reserves.
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