Exxon Mobil Corporation announced on February 19 that it replaced 115% of its 2012 production by adding proved oil and gas reserves totaling 1.8 billion oil-equivalent barrels, including a 174% replacement ratio for crude oil and other liquids.
"ExxonMobil's industry-leading record of long-term reserves replacement is a result of our strategic focus on quality resource capture, disciplined investment and excellence in project execution," said Rex W Tillerson, Chairman and CEO. "Replacing production with new sources of oil and gas enables ExxonMobil to develop new supplies of energy that will be critical to support future demand, economic growth and improved living standards."
At year-end 2012, ExxonMobil's proved reserves totaled 25.2 billion oil-equivalent barrels, which was made up of 51% liquids and 49% natural gas. At year-end 2011, ExxonMobil's proved reserves base was 24.9 billion oil-equivalent barrels, made up of 49% liquids and 51% gas.
Liquid additions during 2012 totaled 1.4 billion barrels or 174% of production and natural gas additions totaled over 400 million oil-equivalent barrels for a 56% replacement ratio. Excluding the impact of asset sales, reserves additions during 2012 replaced 124% of production.
The average replacement ratio over the past 10 years was 121%. ExxonMobil’s reserves life at current production rates is 16 years. During 2012, ExxonMobil added 4 billion oil-equivalent barrels to its resource base, driven primarily by resource additions in the United States and Canada, as well as Romania, Tanzania, Nigeria, Australia and Papua New Guinea.
Overall, the corporation's resource base totaled 87 billion oil-equivalent barrels at year-end 2012, taking into account field revisions, production, and asset sales.