Exxon Mobil Corporation (ticker: XOM, exchange: New York Stock Exchange (.N))
News Release -
28-Jan-2002
ExxonMobil Replaces Production for Eighth Year in a Row; Resource Base Grows to 72 Billion BarrelsIRVING, Texas, Jan 28, 2002 (BUSINESS WIRE) -- Exxon Mobil Corporation
(NYSE:XOM) announced today that additions to its worldwide proved oil and gas
reserves totaled 1.8 billion oil-equivalent barrels in 2001, replacing 111
percent of production, excluding property sales. With sales included, reserve
replacement totaled 110 percent.
Exxon Mobil Corporation Chairman Lee Raymond said, "This is the eighth year in a
row that reserves additions have exceeded annual production. All of our major
operating areas contributed this year. Overall, we have more than replaced
reserves produced over the last 25 years."
Reserve replacements in profitable established areas led 2001 results. For
example, in North America additions replaced 109 percent of production, with
contributions from the deepwater Gulf of Mexico to Alaska's North Slope in the
U.S. and from Syncrude in Canada. Other additions in established areas included
those in Qatar associated with the third LNG train at RasGas and in Norway and
Malaysia. Significant reserves were also added in Equatorial Guinea, Kazakhstan,
and Australia.
ExxonMobil produced 1.6 billion oil-equivalent barrels in 2001. Liquids
production was 0.9 billion barrels, and gas production totaled 4.2 trillion
cubic feet. Reserve additions this year more than replaced both liquids and gas
volumes produced.
With 21.6 billion barrels of proved oil and gas reserves at year-end 2001,
ExxonMobil's reserve life at current production rates is more than 13 years --
one of the longest in the industry.
2.5 BILLION BARRELS ADDED TO TOTAL RESOURCE BASE
In 2001, ExxonMobil strengthened its large, total resource base to 72 billion
oil-equivalent barrels with additions of 2.5 billion net oil-equivalent barrels,
50 percent of which is liquids.
Key 2001 additions were associated with drilling at Kashagan in Kazakhstan, the
Itau discovery in Bolivia, on the Northwest shelf in Australia, on the Cepu
Block in Indonesia, at Bonga Southwest in Nigeria, and with continued
exploration success on ExxonMobil-operated Block 15 in Angola.
"ExxonMobil's functional organization, expertise, and leadership in technology
are the driving forces behind these results," Raymond said.
Note: The term "resource base" includes quantities of discovered oil and gas
that are not yet classified as proved reserves but that we believe will likely
be developed in the future. The term "reserves," as used in this release,
includes proved reserves from Syncrude tar sands operations in Canada, which are
treated as mining operations in our SEC reports.
CONTACT: ExxonMobil, Irving
Media Relations, 972/444-1107
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