Exxon boosts crude oil cut of reserves to 10-year high

Exxon Mobil (XOM +0.1%) says it replaced 103% of its 2013 production by adding proved oil and gas reserves totaling 1.6B boe, including a 153% replacement ratio for crude oil and other liquids.

XOM boosted the 2013 year-end liquids component of its 25.2B boe in global reserves to 53% last year from 51% in 2012, the highest proportion in a decade and the third straight annual increase in the oil cut; 47% was gas.

XOM cites the Upper Zakum oilfield in Abu Dhabi as a major source of new liquid reserves, as well as North American shale formations such as the Permian and Bakken.

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Comments (8)
  • harvestdividen
    , contributor
    Comments (114) | Send Message
    waiting for XOM to dip below $90 to add. looooong term core holding
    21 Feb 2014, 11:44 AM Reply Like
  • fmhaynes11
    , contributor
    Comments (475) | Send Message
    IMO, Unless the market corrects by > 5% you won't get XOM for <90
    21 Feb 2014, 01:43 PM Reply Like
  • PalmDesertRat
    , contributor
    Comments (3861) | Send Message
    SM's proven reserves grew by 46% in 2013,and SM stock is trading cheaper than XOM, and has stronger financials. Go figure.
    21 Feb 2014, 11:49 AM Reply Like
  • wam350
    , contributor
    Comments (173) | Send Message
    Long & happy, go XOM
    21 Feb 2014, 11:50 AM Reply Like
  • User 353732
    , contributor
    Comments (5168) | Send Message
    For many retail investors who like the oil and gas industry XOM is a core holding that delivers wealth accretion over many years while its dividends maintain purchasing power.
    It is not spectacular but it is dependable and the best managed and most financially disciplined global company.
    21 Feb 2014, 12:36 PM Reply Like
  • Droiden
    , contributor
    Comments (14) | Send Message
    When will dividend increase be announced?
    21 Feb 2014, 03:03 PM Reply Like
  • fmhaynes11
    , contributor
    Comments (475) | Send Message
    In late April, early May, like clockwork.
    21 Feb 2014, 03:11 PM Reply Like
  • fmhaynes11
    , contributor
    Comments (475) | Send Message
    Like everything elses XOM does, no surprise here. They are as predicatable as the sunrise. Add reserves each year, increase dividend each year. And I am one investor who likes that about them. Come spring, when that sun is rising a little earlier each day, they will reward us with another juicy dividend increase.
    21 Feb 2014, 03:14 PM Reply Like
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