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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



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