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Exxon's reserves jump 19 percent on growth in U.S. shale, UAE

Exxon's reserves jump 19 percent on growth in U.S. shale, UAE

HOUSTON (Reuters) - Exxon Mobil Corp said on Thursday its oil and gas reserves surged 19 percent last year, thanks to growth in U.S. shale, the United Arab Emirates and Guyana, with a portfolio large enough to pump for the next 14 years at least.

 

The reserve update, which is required annually by U.S. regulators, comes as Exxon faces concerns about its growth potential and spending after reporting lower-than-expected quarterly profit last week.

Exxon said it added 2.7 billion barrels of oil equivalent (boe) to its proved reserves last year, bringing the total to 21.2 billion boe. Proved reserves are those that are considered economically and geologically feasible to produce in the near future.

 

In Texas, where Exxon is headquartered, the company paid more than $6 billion last year to double its acreage in the Permian Basin, the largest U.S. oilfield. That shale deal added more than 800 million boe to reserves, the company said.

 

Exxon added another 800 million boe to its reserves from operations in the United Arab Emirates's Upper Zakum field.

In Guyana, where Exxon, Hess Corp and other partners have yet to pump oil, the company said it and partners have found recoverable resources, including proved reserves and other resources, estimated to be 3.2 billion boe.

Continued: https://finance.yahoo.com/news/exxons-reserves-jump-19-percent-161626572.html