ExxonMobil announced that it added 1 billion oil-equivalent barrels (BOE) of proved oil and gas reserves in 2015, replacing 67% of production, including a 219% replacement ratio for crude oil and other liquids.
At year-end 2015, ExxonMobil’s proved reserves totaled 24.8 billion BOE. Liquids represented 59% of proved reserves, up from 54% in 2014. ExxonMobil’s reserves life at current production rates is 16 years.
In 2015, reserves were added in Abu Dhabi, Canada, Kazakhstan and Angola. Liquid additions during 2015 totaled 1.9 billion bbl. Natural gas proved reserves were reduced by 834 million BOE, primarily in the United States, reflecting the change in natural gas prices. The company expects this gas to be developed and booked as proved reserves in the future.
Over the past 10 years, ExxonMobil has replaced 115% of the reserves it produced, including the impact of asset sales.
“ExxonMobil has a successful track record of proved reserves replacement over the long term, demonstrating the strength of our global strategy to identify, evaluate, capture and advance high-quality opportunities,” Rex W. Tillerson, Chairman and Chief Executive Officer, said. “Our proved reserves represent a diverse portfolio that positions us to create shareholder value as we supply long-term energy demand growth. We will continue to apply our disciplined, paced investing approach as we develop our industry-leading resource base.”
Reserves additions in 2015 reflect new developments, 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. Consistent with SEC requirements, ExxonMobil reports reserves based on the historic average market prices on the first day of each calendar month during the year.