Exxon Mobil Corporation (XOM)

[eFinanceMarkets]

$XOM Exxon Mobil (XOM +0.1%) says it added 2.7B boe of proved oil and gas reserves last year, rising 19% Y/Y and replacing 183% of production to total 21.2B boe at year-end 2017.

The Permian Basin, where XOM paid more than $6B last year to double its acreage, added more than 800M boe to reserves, with another 800M boe added to reserves from operations in the United Arab Emirates’s Upper Zakum field.

XOM cut its proved reserves in 2016 by 3.3B boe, mostly due to writedowns in the value of its Canadian oil sands assets amid low oil prices; oil prices rebounded in 2017, so ~900M boe in XOM's portfolio now qualify as proved reserves under SEC guidelines.