ExxonMobil Corporation said it added reserves last year equal to more than 100% of production, with the bulk of reserve additions coming from an expansion project in Canada.
Additions to the oil-and-gas giant’s proved reserves in 2011 totalled 1.8 billion oil-equivalent barrels, replacing 107% of production. Excluding the impact of asset sales, reserves additions replaced 116% of production.
Reserve additions from the Kearl Expansion Project in Canada totalled 1 billion oil-equivalent barrels. Exxon added that proved additions were also made in countries like the U.S, Nigeria and Indonesia.
As of the end of 2011, the company’s proved reserves base stood at 24.9 billion oil-equivalent barrels, 49% of which reflects liquids and 51% of which reflects gas.
The oil-and-gas giant last month said it has no plans to cut back on the number of drilling rigs active in North America, even as analysts predict prices for the fuel could remain at a historically low level through next year. The company’s stance put it in stark contrast to smaller competitors like Chesapeake Energy Corp.
Shares were recently up 28 cents to $87.20 in premarket trade. The stock is up 2.6% since the start of the year, trailing the broader market.
