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

|About: Exxon Mobil Corporation (XOM)|By:, SA News Editor

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.