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Reserves replacement exceeded 100 percent for 20th
consecutive year
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Reserves additions totaled 1.6 billion oil-equivalent barrels
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Liquids replaced at a ratio of 153 percent, bringing total proved
reserves base to 53 percent liquids
IRVING, Texas--(BUSINESS WIRE)--Feb. 21, 2014--
Exxon
Mobil Corporation (NYSE:XOM) announced today it replaced 103 percent
of its 2013 production by adding proved oil and gas reserves totaling
1.6 billion oil-equivalent barrels, including a 153 percent replacement
ratio for crude oil and other liquids.
“Our industry-leading record of long-term reserves replacement
demonstrates the success of our global strategy to identify, evaluate,
pursue and capture high-quality opportunities,” said Rex W. Tillerson,
chairman and chief executive officer. “The size and diversity of
ExxonMobil’s global resource base, the largest held by an international
oil company, provide us with unequaled investment flexibility to
profitably develop new supplies of energy to meet future demand.”
At year-end 2013, ExxonMobil's proved reserves totaled 25.2 billion
oil-equivalent barrels, which was made up of 53 percent liquids, up from
51 percent in 2012, and 47 percent natural gas.
Liquid additions during 2013 totaled 1.2 billion barrels, or 153 percent
of production, and natural gas additions totaled 400 million
oil-equivalent barrels for a 52 percent replacement ratio. Excluding the
impact of asset sales, reserves additions during 2013 replaced 106
percent of production.
It was the 20th consecutive year that ExxonMobil replaced more than 100
percent of its production. The average replacement ratio over the past
10 years -- considered a better indicator of reserves performance due to
the long-term nature of the industry -- was 120 percent. Liquids
replacement over the period averaged 104 percent and natural gas
replacement averaged 141 percent. The reserves additions made over the
10-year period comprise a diverse range of resource types and have broad
geographical representation. ExxonMobil’s reserves life at current
production rates is 16 years.
Reserve additions in 2013 at Upper Zakum in Abu Dhabi totaled more than
700 million barrels of crude oil. Reserve additions from the
liquids-rich Woodford, Bakken and Permian plays in the United States and
the Montney and Duvernay plays in Canada totaled more than 300 million
oil equivalent barrels. Other additions to proved reserves were made in
Canada, Kazakhstan, the Gulf of Mexico, Nigeria and the Netherlands.
Reserves additions in 2013 reflect new developments with significant
funding commitments as well as revisions and extensions of existing
fields resulting from drilling, studies and analysis of reservoir
performance. 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.
Resource Base
During 2013, ExxonMobil added 6.6 billion oil-equivalent barrels to its
resource base, driven primarily by resource additions in Canada,
Argentina, Tanzania, the United Arab Emirates and the United States.
Additions include continued success in by-the-bit exploration
discoveries, undeveloped resource additions and strategic acquisitions.
ExxonMobil’s by-the-bit conventional exploration success in 2013
included discoveries in Tanzania, Nigeria and Australia. In addition,
discovery and delineation of North American unconventional assets
contributed to the resource base. Overall, the corporation’s resource
base totaled nearly 91 billion oil-equivalent barrels at year-end 2013,
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.
CAUTIONARY NOTE: Proved reserve figures in this release are based on
current SEC definitions. For years prior to 2009 reflected in our
10-year average replacement ratio and 20-straight years of at least 100%
replacement, proved reserve volumes were determined on bases that
differed from SEC definitions in effect at the time. Specifically, for
years prior to 2009, reserves were determined using the price and cost
assumptions we use in managing the business, not the historic prices
used in the SEC definitions. Reserves also include oil sands and equity
company reserves for all periods, which were excluded from SEC reserves
prior to 2009.
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.
The term “project” as used in this release does not necessarily have the
same meaning as in any government payment transparency reports.
About ExxonMobil
ExxonMobil, the largest publicly traded international oil and gas
company, uses technology and innovation to help meet the world’s growing
energy needs. ExxonMobil holds an industry-leading inventory of
resources, is the largest refiner and marketer of petroleum products,
and its chemical company is one of the largest in the world. Follow
ExxonMobil on Twitter at www.twitter.com/exxonmobil.
Source: Exxon Mobil Corporation
ExxonMobil
Media Relations, 972-444-1107
