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Exxon adds 2.7B barrels to reserves, up 19% Y/Y

Published 02/08/2018, 11:54 AM
© Reuters.  Exxon adds 2.7B barrels to reserves, up 19% Y/Y
XOM
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  • Exxon Mobil (XOM +0.1%) says it added 2.7B boe of proved oil and gas reserves last year, rising 19% Y/Y and replacing 183% of production to total 21.2B boe at year-end 2017.
  • The Permian Basin, where XOM paid more than $6B last year to double its acreage, added more than 800M boe to reserves, with another 800M boe added to reserves from operations in the United Arab Emirates’s Upper Zakum field.
  • XOM cut its proved reserves in 2016 by 3.3B boe, mostly due to writedowns in the value of its Canadian oil sands assets amid low oil prices; oil prices rebounded in 2017, so ~900M boe in XOM's portfolio now qualify as proved reserves under SEC guidelines.
  • Now read: Exxon Mobil: The Perfect Storm


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