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Exxon adds 4.5 billion bbls to 2018 Reserves

February 26, 2019

File Image: CREDIT AdobeStock / © mikesjc

Exxon Mobil Corp said on Tuesday it added 4.5 billion oil-equivalent barrels of proved oil and gas reserves in 2018, driven mainly by increases in its holdings in the U.S. Permian Basin, Guyana and Brazil.

The oil major said its proved reserves totaled 24.3 billion oil-equivalent barrels at the end of 2018, with liquids accounting for 64 percent, up from 57 percent in 2017.

"Multiple new discoveries offshore Guyana, continued growth in the Permian Basin and a strategic acquisition in Brazil greatly enhanced our already strong portfolio of high-quality, low-cost-of-supply opportunities," ExxonMobil Chief Executive Officer Darren Woods said in a statement.

The company said significant additions in the Permian Basin are supported by its growth plan, which includes increased drilling activity and infrastructure development. (Reporting by Shradha Singh

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