Exxon adds 4.5 billion barrels to reserves in 2018


FILE PHOTO: A logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes

(Reuters) – Exxon Mobil Corp said on Tuesday it added 4.5 billion oil-equivalent barrels of proved oil and gas reserves in 2018, driven mainly by increases in its holdings in the U.S. Permian Basin, Guyana and Brazil.

The oil major said its proved reserves totaled 24.3 billion oil-equivalent barrels at the end of 2018, with liquids accounting for 64 percent, up from 57 percent in 2017.

“Multiple new discoveries offshore Guyana, continued growth in the Permian Basin and a strategic acquisition in Brazil greatly enhanced our already strong portfolio of high-quality, low-cost-of-supply opportunities,” ExxonMobil Chief Executive Officer Darren Woods said in a statement.

The company said significant additions in the Permian Basin are supported by its growth plan, which includes increased drilling activity and infrastructure development.

Reporting by Shradha Singh in Bengaluru; Editing by Sriraj Kalluvila



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