ExxonMobil Adds 4.5 Billion Barrels to Reserves
26 Février 2019 - 9:00PM
Business Wire
- Higher prices and unconventional
drilling drive proved reserves additions
- Reserves life at current production
rates is 17 years
- Continuing success in exploration and
strategic acquisitions in Guyana and Brazil add high-quality
resources
Exxon Mobil Corporation (NYSE:XOM) said today it added 4.5
billion oil-equivalent barrels of proved oil and gas reserves in
2018, replacing 313 percent of the year’s production.
ExxonMobil's proved reserves totaled 24.3 billion oil-equivalent
barrels at year-end 2018. Liquids represented 64 percent of the
reserves, up from 57 percent in 2017.
“We continue to add high-value, attractive assets to our
portfolio that have positioned the company for long-term growth,”
said Darren W. Woods, ExxonMobil chairman and chief executive
officer. “Our unique strengths, integrated businesses and technical
expertise continue to grow value for our shareholders.”
ExxonMobil’s reserves life at current production rates is 17
years. Over the past 10 years, ExxonMobil has added proved oil and
gas reserves totaling approximately 17 billion oil-equivalent
barrels, replacing 108 percent of produced volumes, including the
impact of asset sales.
Consistent with SEC requirements, ExxonMobil reports reserves
based on the average of the applicable market price on the first
day of each calendar month during the year. As a result of higher
prices in 2018, about 3.6 billion oil-equivalent barrels, including
volumes at the Kearl oil sands development in Canada, qualified as
proved reserves additions at year-end.
During 2018, proved additions from unconventional plays totaled
approximately 1.2 billion oil-equivalent barrels. Significant
additions in the Permian Basin are supported by ExxonMobil’s growth
plan including increased drilling activity and infrastructure
development.
A downward revision of approximately 800 million oil-equivalent
barrels in the Netherlands was a result of an agreement with the
Dutch government to curtail production at the Groningen field.
Reserves additions reflect new developments as well as
revisions, including price impacts, and extensions of existing
fields resulting from drilling, studies and analysis of reservoir
performance.
ExxonMobil added 1.3 billion oil-equivalent barrels to its
resource base in 2018 through by-the-bit exploration discoveries
and strategic acquisitions, primarily in Guyana and Brazil. The
resource base includes proved reserves, plus other discovered
resources that are expected to be ultimately recovered.
“Multiple new discoveries offshore Guyana, continued growth in
the Permian Basin and a strategic acquisition in Brazil greatly
enhanced our already strong portfolio of high-quality,
low-cost-of-supply opportunities,” said Woods.
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.
About ExxonMobil
ExxonMobil, the largest publicly traded international energy
company, uses technology and innovation to help meet the world’s
growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, is one of the largest refiners and
marketers of petroleum products, and its chemical company is one of
the largest in the world. For more information, visit
www.exxonmobil.com or follow us on Twitter
www.twitter.com/exxonmobil.
Cautionary Note: Proved reserve
figures in this release are based on current SEC definitions. 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.
Statements of future events or conditions in this release are
forward-looking statements. Actual future results, including
production rates and timing and resource recoveries, could differ
materially due to factors such as changes in market conditions
affecting the oil and gas industry or long-term oil and gas price
levels; political or regulatory developments including the grant of
necessary approvals; reservoir performance; the outcome of future
exploration and development efforts; technical or operating
factors; the outcome of future commercial negotiations; and other
factors cited under the caption “Factors Affecting Future Results”
on the Investors page of our website at www.exxonmobil.com.
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