Exxon's reserves top last year's productionThe company says its proven reserves of oil totaled 1.6 billion barrels last year, 101% of production.NEW YORK (CNNMoney.com) -- Exxon Mobil, the world's largest publicly traded oil company, said Friday that it replaced more than 100% of its production in 2007. The company, which reported the highest quarterly and annual profits ever for a U.S. company earlier this month, said worldwide proved oil and gas reserves totaled 1.6 billion oil-equivalent barrels last year, or 101% of production. Excluding the effects the "expropriation" of Venezuelan assets, which occurred when President Hugo Chavez nationalized his country's oil interests, and certain property sales, the company replaced 132% of its reserves. "With a 10-year average replacement ratio of 112%, ExxonMobil (XOM, Fortune 500) has continued to replace annual production with new, quality reserves additions," said Rex Tillerson, Exxon Mobil Corporation's chairman and chief executive officer, in a statement. |
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