Lee Raymond News

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. 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.

Exxon Mobil Corporation announced worldwide additions to its proved oil and gas reserves totaled 1.7 billion oil-equivalent barrels in 1999, replacing 106 percent of production. Exxon Mobil Corporation Chairman Lee Raymond said, "This year's strong performance is the sixth year in a row that we've exceeded 100 percent replacement. The 1999 results were led by significant reserve additions in profitable established areas. These include reserves added in Canada associated with Cold Lake expansions, in Norway at Grane and at the Ringhorne/Forseti discoveries which will be produced through the nearby Balder field extending the life of the Balder facilities, and at LaBarge and South Belridge in the U.S.