Exxon Adds 3.5 Billion Barrels to Reserves in 2010

Feb. 15, 2011
Acquisition of XTO boosts reserves, the highest in over a decade.

Exxon Mobil Corp. replaced 209% of production in 2010 with the addition of 3.5 billion oil-equivalent barrels to its reserves in 2010, the company said Feb. 15.

Exxon's reserves additions in 2010 were the highest since the merger of Exxon and Mobil in 1999.The company partially attributed the jump to its acquisition of XTO Energy Inc., which contributed 2.8 billion oil-equivalent barrels. The company's proved reserves base was 53% gas and 47% liquids for a total of 24.8 billion oil-equivalent barrels in 2010.

Liquid additions totaled 905 million oil-equivalent barrels for a 102% replacement ratio and gas additions totaled 2.6 billion oil-equivalent barrels for a 328% replacement ratio.

The 10-year average reserves replacement ratio was 121%, with liquids replacement at 95% and gas at 158%.

Exxon projected in its 2010 annual energy outlook that natural gas will overtake coal as the second-largest energy source behind oil.

Sponsored Recommendations

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!