Exxon Mobil Corporation Announces 2007 Reserves Replacement
15 Février 2008 - 7:33PM
Business Wire
Exxon Mobil Corporation (NYSE:XOM) announced today that it replaced
more than 100 percent of its production in 2007. Additions to the
Corporation�s worldwide proved oil and gas reserves totaled 1.6
billion oil-equivalent barrels in 2007 or 101 percent of
production. Reserves replacement totaled 132 percent excluding the
effects of the expropriation of Venezuelan assets and property
sales. These additions assume the pricing basis the Corporation
uses to make investment decisions consistent with long-standing
practice, rather than single-day, year-end pricing. "With a 10-year
average replacement ratio of 112 percent, ExxonMobil has continued
to replace annual production with new, quality reserves additions,"
said Rex Tillerson, Exxon Mobil Corporation�s chairman and chief
executive officer. "This performance is a reflection of our
disciplined investment strategy, world-class resource base and
outstanding execution capabilities, which enable the Corporation to
continue to develop new production capacity to help meet the
world's growing energy needs." "The annual reporting of proved
reserves is the product of our long-standing, rigorous process that
ensures consistency and management accountability with respect to
all reserves bookings." Key 2007 proved reserve additions were made
from new developments and established operations in North America,
the Middle East, Europe and West Africa. These additions reflect
developments with significant funding commitments as well as
revisions or extensions to existing fields based on routine
reservoir studies and field evaluations. The Venezuelan
expropriation and asset sales reduced proved reserves by 0.5
billion oil-equivalent barrels. Effect of Single-Day, Year-End
Pricing Calculation ExxonMobil also states proved reserves
utilizing December 31 liquids and natural gas prices. On this
basis, the total proved reserves additions in 2007 were 1.2 billion
oil-equivalent barrels, resulting in a reserves replacement ratio
of 76 percent. Excluding the effects of the Venezuelan
expropriation and property sales, reserves replacement was 107
percent, using the year-end pricing basis. The use of prices from a
single date is not relevant to investment decisions made by the
Corporation, and annual variations in reserves based on such
year-end prices are not of consequence in how the business is
actually managed. Long-Term View Given 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, it is
appropriate to consider a time horizon longer than a single year.
Excluding the effects of using single-day, year-end pricing, the
Corporation's ten-year average reserves replacement is 112 percent,
with liquids replacement at 104 percent, and gas at 124 percent.
The reserve additions made during this period comprise a diversity
of resource types and have broad geographical representation. With
22.7 billion barrels of proved oil and gas reserves at year-end
2007, split about evenly between liquids and gas, ExxonMobil's
reserves life at current production rates is more than 14 years.
The portion of proved reserves already developed is 62 percent.
Industry-Leading Resource Base The Corporation's total oil and gas
resource base stands at 72 billion oil-equivalent barrels at
year-end 2007. During 2007, ExxonMobil added 2.0 billion
oil-equivalent barrels of total resources, which more than replaced
production. Significant resource additions were made from
successful drilling programs in the United States, West Africa and
the Asia Pacific region. Overall, the resource base was reduced by
1.8 billion oil-equivalent barrels in 2007, primarily driven by the
effects of the Venezuelan expropriation of 1.6 billion
oil-equivalent barrels. The Corporation�s resource base of 72
billion oil-equivalent barrels includes proved and probable
reserves, plus other discovered resources that are expected to be
ultimately recovered. CAUTIONARY NOTE: 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 "reserves," as used
in this release, includes proved reserves from Syncrude oil sands
operations in Canada which are treated as mining operations in our
SEC reports. The proved reserves in this release are the combined
total from both consolidated subsidiaries and our interest in
equity companies. The Corporation operates its business with the
same views of equity company reserves as it has for reserves from
consolidated subsidiaries.
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