ExxonMobil adds 2.7 billion barrels to reserves
Exxon Mobil Corporation has added 2.7 billion oil-equivalent barrels of proved oil and gas reserves in 2017, replacing 183 percent of production.
ExxonMobil's proved reserves totaled 21.2 billion oil-equivalent barrels at year-end 2017. Liquids represented 57 percent of the reserves, up from 53 percent in 2016. ExxonMobil’s reserves life at current production rates is 14 years.
“Our exploration success and strategic acquisitions made during a period of low commodity prices are adding high-quality resources that are among the lowest cost of supply in the industry,” said Darren W. Woods, chairman and chief executive officer.
During 2017, the oil giant added a number of assets in locations that increased its reserves of crude oil such as in Upper Zakum (Abu Dhabi), Permian Basin (United States), Guyana and Mozambique.
Resource base
ExxonMobil added 9.8 billion oil-equivalent barrels to its resource base in 2017 through by-the-bit exploration discoveries and strategic acquisitions. This was the largest addition to the resource base since the acquisition of XTO Energy in 2010. The resource base includes proved reserves, plus other discovered resources that are expected to be ultimately recovered.
Through its acquisition of various entities from the Bass family of Fort Worth, Texas in 2017, ExxonMobil added significant resource in the Permian Basin, with upside potential in multiple additional prospective horizons. The company continues to maximize capital efficiency in its tight oil developments by taking advantage of contiguous acreage to drill long laterals with optimized completion designs.
