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Exxon Mobil announces 2011 reserves replacement

by Business News Report

Exxon Mobil Corporation on Thursday announced 1.8 billion oil-equivalent barrels in addition to its proved reserves in 2011. The report, which was placed at Exxon Mobil website, stated that the addition replaces 107 per cent of the company’s production excluding the impact of asset sales and reserves. The statement quoted Mr Rex Tillerson, the Chairman and Chief Executive Officer, Exxon Mobil Corporation, as presenting the statistics. “Our industry-leading position is a result of our strategic focus on quality resource capture, a disciplined approach to investment, and excellence in project execution. ExxonMobil replaced more than 100 per cent of production for the 18th consecutive year.”
Tillerson said that during challenging times for the global economy, the company continued to take a long-term view of resource development and invested throughout the commodity price cycle. He said that reserves enabled ExxonMobil to develop new supplies of energy to meet future demand and support economic growth and improved standards of living. He said the annual reporting of proved reserves was the product of the corporation’s long-standing, rigorous process that ensures consistency and management accountability in all reserves bookings.

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