ExxonMobil Major Projects to Deliver 1 Million Oil-Equivalent Barrels by 2017; Liquids Production to Rise on Average by Four Percent Per Year

Wed Mar 6, 2013 9:00am EST

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NEW YORK--(Business Wire)--
Exxon Mobil Corporation (NYSE:XOM) anticipates major project start-ups will
deliver 1 million oil-equivalent barrels over the next five years, Rex W.
Tillerson, chairman and chief executive officer, said today at the New York
Stock Exchange. 

Production of crude oil and other liquids is expected to increase by an average
of four percent per year between 2013 and 2017 as the company starts production
at 28 major oil and gas projects, 24 of which are liquids or liquids-linked
projects. Twenty two major projects will start production over the next three
years, including an expansion of the Kearl oil sands project in Alberta, Canada,
and a liquefied natural gas export project in Papua New Guinea. 

In a presentation to investment analysts, Tillerson said the company has a
growing global portfolio of high-quality resource opportunities with exploration
success most recently in Romania and Tanzania. ExxonMobil is planning to more
than double its exploration acreage in a range of proven and emerging locations,
such as Russia, that will feed its inventory in the coming years. 

To continue to explore for and develop new resource opportunities, ExxonMobil
plans to invest about $190 billion over the next five years to meet growing
energy demand. 

"An unprecedented level of investment is needed to develop new energy
technologies to expand supply of traditional fuels and advance new energy
sources," Tillerson said. "We are developing a diverse portfolio of high-quality
opportunities across all resource types and geographies." 

At the meeting, the company outlined its major achievements in 2012 and plans
for the future. Highlights include:

* ExxonMobil replaced 115 percent of its 2012 production and 174 percent of its
crude oil and other liquids, increasing proved reserves to 25.2 billion oil
equivalent barrels. It was the 19th consecutive year the company replaced more
than 100 percent of its production, with proved reserve additions of 1.8 billion
oil-equivalent barrels. 
* 22 major upstream projects are expected to start up in the next three years,
including the Kearl oil sands project in Canada and the liquefied natural gas
project in Papua New Guinea. 
* In the downstream, the company is progressing new facilities in Singapore,
China and Finland to capture growth in markets like China and Russia. 
* A major expansion at the Singapore chemicals facilities was completed, which
adds 2.6 million tonnes per year of additional capacity and will help meet
demand growth in Asia Pacific. 
* In Saudi Arabia, the company is developing a world-scale synthetic rubber and
special elastomers plant to serve growing demand for these products in the
Middle East and Asia. 
* ExxonMobil Chemical has filed permit applications for a multi-billion dollar
petrochemical expansion at the company`s integrated Baytown complex in Texas.
The project would include a new ethane cracker and premium product facilities to
capitalize on abundant supplies of U.S. natural gas. 
* ExxonMobil continues to lead competitors in return on average capital employed
at 25.4 percent in 2012, about seven percentage points higher than the nearest
competitor.

This is the 11th year that ExxonMobil has made an annual presentation to
analysts at the New York Stock Exchange. 

CAUTIONARY STATEMENT: Projections, expectations, business plans, and other
statements of future events or conditions in this release are forward-looking
statements. Actual future results, including capital expenditures; resource
recoveries; production rates and growth; and project plans, schedules, and
outcomes, could differ materially due to changes in market conditions affecting
the oil and gas industry, including long-term oil and gas price levels;
political or regulatory developments; reservoir performance; timely completion
of development projects; technical or operating factors; the outcome of
commercial negotiations; and other factors discussed in Item 1A of ExxonMobil's
most recent Form 10-K and posted in the Investors section of our website
(www.exxonmobil.com). 

Proved reserves in this release for 2009 and later years are based on current
SEC definitions, but for prior years the referenced proved reserve volumes are
determined on bases that differ from SEC definitions in effect at the time.
Specifically, for years prior to 2009 included in our 19 straight years of at
least 100 percent replacement, reserves are determined using the price and cost
assumptions we use in managing the business, not the historic prices used in SEC
definitions. Reserves determined on ExxonMobil's pricing basis also include oil
sands and equity company reserves for all periods. Prior to 2009, oil sands and
equity company reserves were not included in proved oil and gas reserves as
defined by the SEC. The reserves replacement ratio is calculated for a specified
period utilizing the applicable proved oil-equivalent reserves additions divided
by oil-equivalent production. 

"Resources" and "resource base" include quantities of discovered oil and gas
that are not yet classified as proved reserves, but that are expected ultimately
to be recovered in the future. The term "resource base" is not intended to
correspond to SEC definitions such as "probable" or "possible" reserves. 

The term "project" as used in this release does not necessarily have the same
meaning as under SEC Rule 13q-1 relating to government payment reporting. For
example, a single project for purposes of the rule may encompass numerous
properties, agreements, investments, developments, phases, work efforts,
activities, and components, each of which we may also informally describe as a
"project." 

See the "Frequently Used Terms" posted in the Investors section of our website
for more information on proved reserves and resources, as well as information
regarding our calculation of return on average capital employed. 

About ExxonMobil

ExxonMobil, the largest publicly traded international oil and gas company, uses
technology and innovation to help meet the world`s growing energy needs.
ExxonMobil holds an industry-leading inventory of resources, is the largest
refiner and marketer of petroleum products, and its chemical company is one of
the largest in the world. For more information, visit www.exxonmobil.com.

ExxonMobil
Media Relations, 972-444-1107 



Copyright Business Wire 2013

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