Exxon's 10-Year Average Reserves Replacement: 112%
Given the long-term nature of the industry and the large size of the discrete projects that provide a significant portion of the ExxonMobil's reserves additions, it is appropriate to consider a time horizon longer than a single year. Excluding the effects of using single-day, year-end pricing, the Corporation's ten-year average reserves replacement is 112 percent, with liquids replacement at 104 percent, and gas at 124 percent.
The reserve additions made during this period comprise a diversity of resource types and have broad geographical representation. With 22.7 billion barrels of proved oil and gas reserves at year-end 2007, split about evenly between liquids and gas, ExxonMobil's reserves life at current production rates is more than 14 years. The portion of proved reserves already developed is 62 percent.
Operates 16 Offshore Rigs
- ExxonMobil Reports Papua New Guinea Discovery (Jan 16)
- Exxon, BP Targeted in NYC Suit That Relies on 'Nuisance' Theory (Jan 10)
- ExxonMobil Reports More Offshore Guyana Success (Jan 05)