Exxon reserves boosted by new assets

EXXONMobil Corporation this week said it had 4.5 billion oil-equivalent barrels of proved oil and gas reserves in 2018, replacing 313% of the year’s production.
Exxon reserves boosted by new assets Exxon reserves boosted by new assets Exxon reserves boosted by new assets Exxon reserves boosted by new assets Exxon reserves boosted by new assets

Darren Wood

Staff Reporter

Exxon's proved reserves totalled 24.3 billion boe at year-end 2018. Liquids represented 64% of the reserves, up from 57% in 2017.

"We continue to add high-value, attractive assets to our portfolio that have positioned the company for long-term growth," Exxon chairman Darren Woods said. "Our unique strengths, integrated businesses and technical expertise continue to grow value for our shareholders."
 
Exxon's reserves life at current production rates is 17 years. Over the past 10 years, Exxon has added proved oil and gas reserves totalling about 17 billion boe, replacing 108% of produced volumes, including the impact of asset sales.
 
Exxon added 1.3 billion boe 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.
 

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