ExxonMobil Corp. said it replaced 112% of production including property sales and 129% excluding property sales in 2005.

The company said it added 1.7 billion boe to worldwide proved oil and gas reserves, excluding the effects of using single-day, year-end pricing. Production totaled 1.5 billion boe, with 917 million bbl of liquids and 3.7 Tcf of natural gas produced.

Natural gas production in 2005 included 1.6 Bcf/d in the United States and 9.8 Bcf/d worldwide, a spokesman said.

“This represents the twelfth consecutive year of greater than 100 percent reserves replacement,” said ExxonMobil CEO Rex Tillerson.

However, after reflecting 2005 production, reductions due to asset sales, and revisions to existing fields, the company’s total oil and gas resource base grew by 0.6 billion boe to 73.2 billion boe, it said. The resource base includes proved and probable reserves and other discovered resources that are expected to be ultimately recovered, assuming the company’s long-term oil and gas pricing outlook.

ExxonMobil states its results to reflect impacts to the proved reserve base utilizing Dec. 31 liquids and natural gas prices. However, the company said the use of prices from a single date is not relevant to the investment decisions it makes, and annual variations in reserves based on such year-end prices are “not of consequence” in how the business is actually managed. On this basis, it said the total proved reserves additions in 2005 were 2.2 billion boe, resulting in a reserves replacement ratio of 143% including the effects of property sales.

Excluding the effects of single-day, year-end pricing, ExxonMobil’s 10-year average reserves replacement is 114%, with liquids replacement at 118% and natural gas at 110%.

“The reserves additions during this [10-year] period have come from a diverse range of geographies and resource types, with no more than 25 percent from any one region of the world,” the company said. “With 22.4 billion boe of proved oil and gas reserves at year-end 2005, split about evenly between liquids and gas, ExxonMobil’s reserves life at current production rates is 14.5 years. The portion of proved reserves already developed increased to 64 percent.”

The company added 4.4 billion boe of total resources in 2005. Key additions came from the United States, Angola and Nigeria, as well as significant resource increases underpinning new liquefied natural gas and pipeline gas developments in Qatar.

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