Exxon's reserves growth outpaces production last year

U.S. oil giant Exxon Mobil Corp. added 1.95 billion barrels of oil equivalent to its proven reserves last year, about 350 million barrels more than it produced, The Wall Street Journal reported on Friday.

The Irving, Texas company produced 1.6 billion barrels of oil equivalent in 2006 -- 976 million barrels of liquids and 3.7 trillion cubic feet of gas, according to the report.

Exxon, the world's largest oil company, produces about 3 percent of the world's oil. The most significant additions to its reserves came from the Asia Pacific and Middle East regions.

Analysts typically say a company's reserves replacement should average more than 100 percent over a three- to five-year period to indicate growth. Exxon said it has a five-year average replacement ratio of 114 percent.

Source: Xinhua