Exxon Mobil books highest reserve add in 11 years


NEW YORK (MarketWatch) — Exxon Mobil Corp.
XOM,
-1.38%
said Tuesday it added 3.5 billion barrels of oil equivalent to its proved reserves in 2010. The new reserves came in at 209% above the oil major’s 2010 production. Excluding the impact of asset sales, Exxon replaced 211% of production in 2010. Exxon said it has now replaced more than 100% of its annual production for 17 consecutive years. Broken out, Exxon Mobil replaced 102% of its production and gas additions totaled 328% of production. Exxon’s total reserves at the end of 2010 stood at 24.8 billion oil equivalent barrels — 47% liquids and 53% gas. “The 2010 proved developed reserves…was the highest since the Exxon and Mobil merger,” the company said. Exxon and Mobil closed their merger in 1999.


View more information: https://www.marketwatch.com/story/exxon-mobil-books-highest-reserve-add-in-11-years-2011-02-15

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