Exxon replaced 115% of production in 2012; proven reserves increased modestly
HOUSTON -- Exxon Mobil added 1.8 billion barrels of oil equivalents to its proven reserves last year, replacing 115% of its production, contributing to modest growth in the oil giant's proven reserves.
At year's end, the company's proven reserves were 25.2 billion bboe, up 1.2% from 24.9 billion bboe a year earlier.
Proven reserves are the amount of reserves that can be feasibly recovered at current oil and gas prices.
At the end of last year, the majority of Exxon's reserves shifted to liquids--at 51%--up two percentage points. Natural gas, as a percentage of the company's reserves, was down two points at 49%. Many energy companies turned their focus to more lucrative liquids production last year as natural-gas prices remained low.
Exxon Mobil, the world's largest publicly traded oil company, had liquid additions of 1.4 billion bboe, replacing 174% of production, while natural-gas additions were 400 million bboe, or a replacement level of 56%. Excluding the impact of asset sales, reserve additions last year replaced 124% of output.
Exxon said it added 4 billion oil-equivalent barrels last year through discoveries, undeveloped resource additions and acquisitions. Exxon, which also is the U.S.'s largest natural-gas producer, said reserve additions from alternative energy fields such as the liquids-rich Woodford and Bakken plays in the U.S. totaled nearly 750 million oil-equivalent barrels.
Shares were up 10 cents at $88.46 in early trading. The stock is up 2.2% so far this year. Markets were closed in the U.S. Monday for the Presidents Day holiday.
Dow Jones Newswires