OREANDA-NEWS. March 11, 2014. Exxon Mobil Corporation (NYSE:XOM) announced it replaced 103 percent of its 2013 production by adding proved oil and gas reserves totaling 1.6 billion oil-equivalent barrels, including a 153 percent replacement ratio for crude oil and other liquids.

“Our industry-leading record of long-term reserves replacement demonstrates the success of our global strategy to identify, evaluate, pursue and capture high-quality opportunities,” said Rex W. Tillerson, chairman and chief executive officer. “The size and diversity of ExxonMobil’s global resource base, the largest held by an international oil company, provide us with unequaled investment flexibility to profitably develop new supplies of energy to meet future demand.”

At year-end 2013, ExxonMobil's proved reserves totaled 25.2 billion oil-equivalent barrels, which was made up of 53 percent liquids, up from 51 percent in 2012, and 47 percent natural gas.

Liquid additions during 2013 totaled 1.2 billion barrels, or 153 percent of production, and natural gas additions totaled 400 million oil-equivalent barrels for a 52 percent replacement ratio. Excluding the impact of asset sales, reserves additions during 2013 replaced 106 percent of production.

It was the 20th consecutive year that ExxonMobil replaced more than 100 percent of its production. The average replacement ratio over the past 10 years -- considered a better indicator of reserves performance due to the long-term nature of the industry -- was 120 percent. Liquids replacement over the period averaged 104 percent and natural gas replacement averaged 141 percent. The reserves additions made over the 10-year period comprise a diverse range of resource types and have broad geographical representation. ExxonMobil’s reserves life at current production rates is 16 years.

Reserve additions in 2013 at Upper Zakum in Abu Dhabi totaled more than 700 million barrels of crude oil. Reserve additions from the liquids-rich Woodford, Bakken and Permian plays in the United States and the Montney and Duvernay plays in Canada totaled more than 300 million oil equivalent barrels. Other additions to proved reserves were made in Canada, Kazakhstan, the Gulf of Mexico, Nigeria and the Netherlands.

Reserves additions in 2013 reflect new developments with significant funding commitments as well as revisions and extensions of existing fields resulting from drilling, studies and analysis of reservoir performance. 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 reserves bookings.