Exxon Mobil reserves replacement totals 104% in 2014

IRVING, Texas -- Exxon Mobil Corp. has announced that it replaced 104% of its 2014 production by adding proved oil and gas reserves totaling 1.5 Bboe, including a 162% replacement ratio for crude oil and other liquids.

At year-end 2014, Exxon Mobil's proved reserves totaled 25.3 Bboe, which was made up of 54% liquids, up from 53% in 2013, and 46% natural gas.

Liquid additions during 2014 totaled more than 1.2 Bbbl, or 162% of production, and natural gas additions totaled approximately 300 MMboe for a 42% replacement ratio. Excluding the impact of asset sales, reserves additions during 2014 replaced 111% of production.

It was the 21st consecutive year that Exxon Mobil replaced more than 100% 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%. Liquids replacement over the period averaged 124% and natural gas replacement averaged 121%. The reserves additions made over the 10-year period comprise a diverse range of resource types and have broad geographical representation. Exxon Mobil’s reserves life at current production rates is 17 years.

Reserve additions in 2014 in the U.S. include the liquids-rich Bakken, Permian and Woodford-Ardmore plays and the Gulf of Mexico and totaled approximately 580 MMboe. In Canada, reserve additions totaled almost 700 MMbbl as a result of further definition of the Kearl resource. Other additions to proved reserves were made in Angola, the Netherlands and Russia.

Reserves additions in 2014 reflect new developments with significant funding commitments as well as revisions and extensions of existing fields resulting from drilling, studies and analysis of reservoir performance. The annual reporting of proved reserves is the product of the corporation’s long-standing, rigorous process that ensures consistency and management accountability in all reserves bookings.

Resource Base

During 2014, Exxon Mobil added 3.2 Bboe 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.

Exxon Mobil’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 Bboe 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.