Bloomberg BNA — Exxon Mobil Corp. said its oil and natural gas reserves won't become stranded and lose their value as a result of carbon restrictions aimed at addressing climate change.
Demand for petroleum-based fuels will continue to grow worldwide as the drive for higher standards of living in developing nations trumps efforts to curtail carbon emissions, Exxon said March 31 in a report to shareholders on its website.
“We are confident that none of our hydrocarbon reserves are now in danger or will become stranded,” the Irving, Texas- based company said.
Exxon had the equivalent of 25.2 billion barrels of oil and gas reserves at the end of 2013, enough to sustain output at 2013 levels for almost 17 years, according to data compiled by Bloomberg.
Exxon agreed to issue the report earlier this month after talks with activist shareholders led by Arjuna Capital and As You Sow. In return, the groups agreed to withdraw a shareholder resolution on the topic that would have been voted on at Exxon's annual meeting.
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