Exxon Replaces Production for Fifth Consecutive Year
Exxon Corporation announced worldwide additions to its proved oil and gas reserves totaled 1.1 billion oil-equivalent barrels in 1998, replacing 106 percent of production.
Exxon Chairman Lee Raymond said, "This year's strong performance is the fifth year in a row we've exceeded 100 percent replacement. Over the last 10 years, we've added nearly 11 billion oil-equivalent barrels to proved reserves, more than replacing reserves produced. Long-term reserves portfolio management and development is a key area of emphasis in our business."
Production totaled one billion oil-equivalent barrels in 1998, similar to 1997. Liquids production was 570 million barrels, and gas production exceeded 2.5 trillion cu. ft. for the third year in a row.
With 13.9 billion barrels of proved oil and gas reserves, Exxon's reserve life at current production rates is nearly 14 years - one of the longest in the industry.