Exxon Confounds XTO Deal Critics by Swelling Oil Holdings
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Exxon Mobil Corp. increased the proportion of its reserves made up of oil to the highest in a decade as shale-drilling expertise acquired in the $35 billion XTO Energy deal was mobilized to find crude.
The world’s largest energy explorer by market value boosted the liquid hydrocarbons component of its global reserves to 53 percent last year from 51 percent in 2012, Exxon said in a statement today. It was the third consecutive annual increase in the so-called oil cut for the Irving, Texas-based crude and natural gas producer, according to data compiled by Bloomberg.