ExxonMobil boosts reserves by 4.5bn barrels


ExxonMobil Corporation added 4.5 billion oil-equivalent barrels of proved oil and gas reserves in 2018, replacing 313 percent of the year’s production.

The company’s proved reserves totaled 24.3 billion oil-equivalent barrels at year-end 2018, with liquids representing 64 percent of the reserves, up from 57 percent in 2017.

ExxonMobil’s reserves life at current production rates is 17 years. Over the past 10 years, ExxonMobil has added proved oil and gas reserves totaling approximately 17 billion oil-equivalent barrels, replacing 108 percent of produced volumes, including the impact of asset sales.

“We continue to add high-value, attractive assets to our portfolio that have positioned the company for long-term growth,” Darren W. Woods, ExxonMobil chairman and chief executive officer, said in a company statement.

“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,” he added.

ExxonMobil is the largest publicly traded international energy company, according to its website. Earlier this month, the company announced estimated 2018 earnings of $20.8 billion, up from $19.7 billion a year earlier.