Exxon Mobil increases oil reserves by 1.5 billion barrels

February 16, 2009 by · Leave a Comment
Filed under: Commodities News 

If these numbers are correct, this is an impressive addition to reserves and this should be reflected positively on their stock.  The only statement that was troubling, was that as the release reads, 1.1 billion barrels was from an oil sands project.  What that tells me, is that the oil price will need to increase to make mining and processes oil sands a profitable activity.

News:

Exxon Mobil Corp said on Monday that it added 1.5 billion barrels of oil equivalent in 2008, or 103 percent of its production for the year.

The largest U.S. oil company said that excluding the impact of asset sales, reserves additions replaced 110 percent of production in the year. It said these additions assume a long-term pricing basis, rather than single-day, year-end pricing.

Read more