ExxonMobil Corp. replaced 104% of its oil and natural gas proved reserves in 2014, with a big boost from North America onshore and the Gulf of Mexico (GOM) oil fields.

The supermajor added about 1.5 billion boe during 2014, including 1.2 billion bbl of liquids, or 162% of production. Gas additions totaled about 300 million boe for a 42% replacement ratio. Excluding the impact from sales, reserves additions last year replaced 111% of production.

“ExxonMobil’s diverse global portfolio of attractive opportunities puts us in a unique position to execute our strategy to identify, evaluate and develop new energy supplies,” said CEO Rex W. Tillerson. “Our ability to achieve an industry-leading record of long-term reserves replacement is made possible by the size and diversity of ExxonMobil’s resource base along with its project execution and technical capabilities.”

At the end of 2014, proved reserves stood at 25.3 million boe, up slightly from 25.2 million boe in 2013.

The largest gas producer in North America has eschewed development for the last few years, and the reserves numbers showed it, ever so slightly. Reserves at the end of 2014 were weighted 46% to gas, versus 47% in 2013.

From the United States, about 580 million boe was added from U.S. onshore and GOM plays. ExxonMobil’s cornerstone domestic onshore plays now are the Permian Basin, Bakken Shale and the Arkoma Basin’s Woodford Shale (see Shale Daily, Oct. 31, 2014; Sept. 19, 2014). ExxonMobil actually added drilling rigs in the fourth quarter (see Daily GPI, Feb. 2).

From northern Alberta’s Kearl oilsands operations, close to 700 million boe in reserves were added. Other proved bookings came from Angola, the Netherlands and Russia.

“Reserves additions in 2014 reflect new developments with significant funding commitments, as well as revisions and extensions of existing fields, resulting from drilling, studies and analysis of reservoir performance,” the producer stated.

Capital expenditures over the next three years are expected to taper off at around $37 billion/year, down from a high of $42.5 billion, as several large investments are completed.

Last year was the 21st in a row in which ExxonMobil replaced more than 100% of its output. The average replacement ratio over the past 10 years was 123%. Liquids replacement over the period averaged 124%, while gas replacement has averaged 121%. The reserves life at current production rates is 17 years.

ExxonMobil in total added 3.2 billion boe to its resource base (proved, probable and possible) in 2014, mostly on additions from the United States, Canada, Argentina, Nigeria and Tanzania.

“Overall, the corporation’s resource base totaled more than 92 billion boe at year-end 2014, taking into account field revisions, production and asset sales,” it said. “The resource base includes proved reserves, plus other discovered resources that are expected to be ultimately recovered.”

Chevron Corp., the second largest U.S. producer, on Friday said its oil and gas reserves fell 1% in 2014 from 2013 mostly on the sale of a stake in a Chad’s Doba Basin oilfield. Proved reserves totaled 11.1 billion boe at the end of 2014, which was about 1% lower than in 2013.

Chevron’s largest single holdings are in the United States, where it has around 19% of its proved reserves, and Kazakhstan, with 20%.

Chevron’s capital budget this year is set at around $32 billion, with about one-quarter of that earmarked for U.S. projects. CEO John Watson said in January the big domestic priorities this year including GOM deepwater (see Daily GPI, Jan. 30; Jan. 28; Dec. 3, 2014). Also a high priority is the Permian.