Exxon worldwide additions to proved oil and gas reserves totaled1.1 billion oil-equivalent barrels in 1998, replacing 106% ofproduction. “This year’s strong performance is the fifth year in arow that we’ve exceeded 100% replacement,” said Chairman LeeRaymond. “Over the last 10 years, we’ve added nearly 11 billionoil-equivalent barrels to proved reserves, more than replacingreserves produced. Long-term reserves portfolio management anddevelopment is a key area of emphasis in our business.”

All figures exclude property sales. With sales included, reservereplacement in 1998 totaled 105%.

The 1998 results were led by significant new reserve additionsresulting from Exxon’s affiliate interests in West Africa. Inaddition, reserves associated with other new developments,including the Sable Offshore Energy Project off the Canadian EastCoast, were added in 1998. Upward revisions were made at othermajor Exxon-interest fields including Prudhoe Bay in Alaska, andthe Diana field in the deep-water Gulf of Mexico, where initialfield development is underway.

Production totaled one billion oil-equivalent barrels in 1998,similar to 1997. Liquids production was 570 million barrels, andgas production exceeded 2.5 Tcf for the third year in a row. With13.9 billion barrels of proved oil and gas reserves, Exxon’sreserve life at current production rates is nearly 14 years.

The company’s total oil and gas resource base, which includesproved reserves and other discovered resources that will likely bedeveloped, totaled 40.6 billion oil-equivalent barrels at year-end1998, up 600 million oil-equivalent barrels from 1997. Totalresources have increased 15% over the last 10 years.

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