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BRIEF-ExxonMobil reports 20 bln oil-equivalent barrels of proved reserves at year-end 2016
February 22, 2017 / 9:50 PM / 9 months ago

BRIEF-ExxonMobil reports 20 bln oil-equivalent barrels of proved reserves at year-end 2016

Feb 22 (Reuters) - ExxonMobil

* ExxonMobil announces 2016 reserves

* Says proved reserves were 20 billion oil-equivalent barrels at year-end 2016, inclusive of a net reduction of 3.3 billion oil-equivalent barrels from 2015

* Says proved reserves were 20 billion oil-equivalent barrels at year-end 2016

* Says ExxonMobil’s reserves life at current production rates is 13 years

* Says as a result of very low prices during 2016, certain quantities of liquids, natural gas no longer qualified as proved reserves under SEC guidelines

* Says overall, corporation’s resource base totaled more than 91 billion oil-equivalent barrels at year-end 2016

* Says 800 million oil-equivalent barrels in North America did not qualify as proved reserves, due to acceleration of projected economic end-of-field life

* Says 2016 reserves changes reflect new developments, revisions, extensions to existing fields resulting from drilling, studies, analysis of reservoir performance

* Says quantities that no longer qualified as proved reserves included entire 3.5 billion barrels of bitumen at Kearl in Alberta, Canada

* Says resource base totaled more than 91 billion oil-equivalent barrels at year-end 2016, taking into account field revisions, production, asset sales Source text for Eikon: Further company coverage:

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