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Exxon Says Shale, Canada Growth Expand 2012 Reserves

Feb. 19 (Bloomberg) -- Exxon Mobil Corp., the world’s largest energy company by market value, said new shale projects in the U.S. and heavy-oil developments in Canada helped swell crude and natural gas reserves last year.

Exxon added reserves equivalent to 1.8 billion barrels in 2012, raising its year-end total to 25.2 billion, the Irving, Texas-based company said in statement today. The additions were enough to replace 115 percent of total output and 174 percent of its crude and liquids production.

The company returns to having more than half of its reserves in liquids, instead of gas. At the end of 2012, the company’s reserves were comprised of 51 percent liquids, such as crude, and 49 percent gas, according to the statement, a reversal of 2011’s percentages.

Three-fourths of the new reserves resulted from discoveries and re-evaluations of existing fields in the Woodford shale in Oklahoma, the Bakken formation in North Dakota, and the Cold Lake and Hebron developments in Canada, according to the statement.

Exxon rose 1.1 cents to $89.32 at the close in New York. The shares have increased 3.2 percent this year.

To contact the reporter on this story: Joe Carroll in Chicago at jcarroll8@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net

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