Exxon Mobil Corporation declares additions to its proved reserves in 2008 totaled 1.5 billion oil-equivalent barrels, replacing 103 percent of production. Excluding the impact of asset sales, reserves additions replaced 110 percent of production. These additions assume the long-term pricing basis that the corporation uses to make its investment decisions, rather than single-day, year-end pricing.

“ExxonMobil continues to make quality reserves additions, and has replaced an average of 110 percent of production over the last 10 years,” said Rex W. Tillerson, chairman and chief executive officer. “This strong performance reflects our strategic focus on resource capture, a disciplined approach to investment and excellence in project execution."

"We take a long-term view of resource development and invest throughout the commodity price cycle. Adding new reserves ensures that ExxonMobil will continue to develop new supplies of energy that will be critical to help meet the world’s growing needs into the future."

The annual reporting of proved reserves is the product of the corporation’s long-standing, rigorous process that ensures consistency and management accountability in all reserve bookings.

The corporation’s reserve additions in 2008 reflect both new developments with significant funding commitments and revisions and extensions of existing fields resulting from drilling, studies and analysis of reservoir performance. Reserves additions from the Kearl Phase 1 oil sands project in Canada totaled 1.1 billion oil-equivalent barrels. Proved additions were also made in a diverse range of countries including the United States, Norway, Nigeria, Angola and Australia. Asset sales in 2008 reduced proved reserves by 0.1 billion oil-equivalent barrels.

Tags: Exxon Mobil Corporation