Exxon Mobil Boosts Reserves Replacement

16 February 2010 (Last Updated February 16th, 2010 18:30)

Exxon Mobil Corporation has announced that additions to its proved reserves in 2009 totalled two billion barrels of oil equivalent, replacing 133% of production. Excluding the impact of asset sales, reserves additions replaced 134% of production. These additions are b

Exxon Mobil Corporation has announced that additions to its proved reserves in 2009 totalled two billion barrels of oil equivalent, replacing 133% of production.

Excluding the impact of asset sales, reserves additions replaced 134% of production.

These additions are based on the corporation's definition of proved reserves, which uses the long-term pricing basis that the corporation uses to make its investment decisions.

"We have replaced more than 100% of production for 16 consecutive years, reflecting our strategic focus on resource capture, a disciplined approach to investment and excellence in project execution," chairman and CEO Rex W Tillerson said in a statement.

He added that new reserves ensure the company "continues to develop new supplies of energy to meet future demand and support economic growth and improved standards of living".