ExxonMobil 2014 reserves climb

ExxonMobil said it replaced 104 percent of its 2014 production by adding proved oil and gas reserves totaling 1.5 billion oil-equivalent barrels.

At year-end 2014, ExxonMobil’s proved reserves totaled 25.3 billion oil-equivalent barrels, which was made up of 54 percent liquids, up from 53 percent in 2013, and 46 percent natural gas.

Natural gas additions totaled approximately 300 million oil-equivalent barrels for a 42 percent replacement ratio. Excluding the impact of asset sales, reserves additions during 2014 replaced 111 percent of production.

It was the 21st consecutive year that ExxonMobil replaced more than 100 percent of its production. The average replacement ratio over the past 10 years – considered a better indicator of reserves performance due to the long-term nature of the industry – was 123 percent.

During 2014, ExxonMobil added 3.2 billion oil-equivalent barrels to its resource base, driven primarily by resource additions in Argentina, Canada, Nigeria, Tanzania and the U.S. Additions include continued success in by-the-bit exploration discoveries, undeveloped resource additions and strategic acquisitions.

ExxonMobil’s by-the-bit exploration success in 2014 included discoveries in Argentina, Australia, Nigeria, Norway and Tanzania. Overall, the corporation’s resource base totaled more than 92 billion oil-equivalent barrels at year-end 2014, taking into account field revisions, production, and asset sales. The resource base includes proved reserves, plus other discovered resources that are expected to be ultimately recovered.

Image: ExxonMobil