Production
2007 production - On an oil-equivalent basis, production increased nearly 1% to 4,253 koebd from 4,228 koebd in the year-ago quarter. Excluding the Venezuela expropriation, divestments, OPE quota effects and price and spend impacts on volumes, production increased nearly 3%.
Liquid production declined to 2,517 thousand of barrels per day or kbd from 2,678 kbd in the previous-year quarter. Excluding the Venezuela exploration, divestments, OPEC quota effects and price and spend impacts on Volumes, liquid production for the quarter declined 3%. The company noted that mature field decline and PSC net interest reductions were partly offset by higher production from projects in Russia and West Africa.
Natural gas production for the latest quarter climbed 12% to 10,414 millions of cubic feet per day or mcfd from 9,301 mcfd a year ago. The company noted that higher demand from Europe and increased volumes from projects in Qatar and the North Sea were partly offset by the impact of mature field decline.
In 2006, production totaled 1.6 billion oil-equivalent barrels in 2006, with 976 million barrels of liquids and 3.7 trillion cubic feet of gas produced.
Reserves
Exxon Mobil replaced more than 100 percent of its production in 2007. The company reported 22.7 billion barrels of proved oil and natural gas reserves at the end of 2007, split about evenly between liquids and gas.
Additions to the Corporation's worldwide proved oil and gas reserves totaled 1.6 billion oil-equivalent barrels in 2007 or 101 percent of production. Reserves replacement totaled 132 percent excluding the effects of the expropriation of Venezuelan assets and property sales. These additions assume the pricing basis the Corporation uses to make investment decisions consistent with long-standing practice, rather than single-day, year-end pricing.
Key 2007 proved reserve additions were made from new developments and established operations in North America, the Middle East, Europe and West Africa. These additions reflect developments with significant funding commitments as well as revisions or extensions to existing fields based on routine reservoir studies and field evaluations. The Venezuelan expropriation and asset sales reduced proved reserves by 0.5 billion oil-equivalent barrels.
After reflecting 2006 production, reductions due to asset sales, and revisions to existing fields, the corporation's total oil and gas resource base grew by 0.7 billion oil-equivalent barrels to 73.9 billion oil-equivalent barrels. The resource base includes proved and probable reserves, plus other discovered resources that are expected to be ultimately recovered.
