ExxonMobil says oil, gas reserves higher in 2011
By ISABEL ORDONEZ and MIA LAMAR
ExxonMobil said Thursday the company's 2011 proved oil-and-gas reserves inched up compared with the previous year.
As of the end of 2011, the company's proved reserves base stood at 24.9 billion oil-equivalent bbl, up from 24.8 billion oil-equivalent bbl in 2010.
ExxonMobil, the world's largest publicly traded company, also said it added 1.8 billion bbl of oil equivalent last year to its proven reserves, which equals to 107% of the oil and gas it produced.
Excluding the impact of asset sales, reserves additions replaced 116% of production, the company said.
The bulk of reserves additions came from the Kearl Expansion Project in Canada, which totaled 1 billion oil-equivalent bbl.
Proved reserves additions were also made in countries like the US, Nigeria and Indonesia, the company said.
ExxonMobil's 2011 reserve replacement ratio was weaker than the previous year, when its XTO Energy acquisition helped the oil giant post a 226% reserve replacement ratio, said UBS in a note to clients.
But the figure was better than what Exxon was reporting before the acquisition.
The company's official reserves figures based on rules set by the Securities and Exchange Commission will be posted on its 10-K, which is generally filed by the end of February.
Shares were recently down 7 cents to $86.85. The stock is up 2.6% since the start of the year, trailing the broader market.
Dow Jones Newswires
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