ExxonMobil said Monday that it added proved oil and gas reserves of 1 billion barrels of oil equivalent in 2015.
The company said the reserve adds replaced 67 percent of production, including a 219 percent replacement ratio for crude oil and other liquids.
ExxonMobil’s proved reserves totaled 24.8 billion barrels of oil equivalent at the end of 2015, with liquids representing 59 percent of proved reserves, up from 54 percent in 2014.
Liquid additions during 2015 totaled 1.9 billion barrels, Exxon said.
Natural gas proved reserves were reduced by 834 million barrels of oil equivalent with most of those reductions occurring in the United States and “reflecting the change in natural gas prices.”
“The company expects this gas to be developed and booked as proved reserves in the future,” Exxon said.
During 2015, ExxonMobil added 1.4 billion barrels of oil equivalent to its resource base through by-the-bit exploration discoveries, undeveloped resource additions and strategic acquisitions.
ExxonMobil’s by-the-bit exploration success in 2015 included a significant oil discovery offshore Guyana and additional discoveries in Iraq, Australia, Romania and Nigeria.
Strategic unconventional resource additions were also made in the Permian Basin in West Texas, Canada and Argentina.
The company also added reserves in Abu Dhabi, Canada, Kazakhstan and Angola last year.
Overall, Exxon’s resource base totaled more than 91 billion barrels of oil equivalent at the end of 2015, taking into account field revisions, production and asset sales.
The resource base includes proved reserves, plus other discovered resources that are expected to be ultimately recovered.
Exxon said its reserves life at current production rates is 16 years.
“Our proved reserves represent a diverse portfolio that positions us to create shareholder value as we supply long-term energy demand growth. We will continue to apply our disciplined, paced investing approach as we develop our industry-leading resource base,” Exxon CEO and chairman Rex W. Tillerson said.