[Editor's note: This story was updated at 11:09 a.m. CST Feb. 9.]
ExxonMobil Corp. (NYSE: XOM) said Feb. 8 its oil and gas reserves surged 19% last year, thanks to growth in U.S. shale, the United Arab Emirates (UAE) and Guyana, with a portfolio large enough to pump for the next 14 years at least.
The reserve update, which is required annually by U.S. regulators, comes as ExxonMobil faces concerns about its growth potential and spending after reporting a lower-than-expected quarterly profit last week.
ExxonMobil said it added 2.7 billion barrels of oil equivalent (boe) to its proved reserves last year, bringing the total to 21.2 billion boe. Proved reserves are those that are considered economically and geologically feasible to produce in the near future.
"ExxonMobil's portfolio of development opportunities positions us to grow shareholder value as we bring on new supplies of oil and natural gas to meet growing demand," CEO Darren Woods said in a statement.
ExxonMobil's stock fell about 0.3% to $76.69 in morning trading as oil prices and the broader market dipped slightly.
In Texas, where ExxonMobil is headquartered, the company paid more than $6 billion last year to double its acreage in the Permian Basin, the largest U.S. oil field. That shale deal added more than 800 million boe to reserves, the company said.
ExxonMobil added another 800 million boe to its reserves from operations in the UAE's Upper Zakum Field.
In Guyana, where ExxonMobil, Hess Corp. (NYSE: HES) and other partners have yet to pump oil, the company said it and partners have found recoverable resources, including proved reserves and other resources, estimated to be 3.2 billion boe.
In 2016, ExxonMobil had cut its proved reserves by 3.3 billion boe, mostly due to write-downs in the value of its Canadian oil sands assets amid low oil prices.
Oil prices rebounded in 2017, making some of those assets profitable again. ExxonMobil said about 900 million boe in its portfolio now qualify as proved reserves under U.S. Securities and Exchange Commission Guidelines.
ExxonMobil also said it added 9.8 billion boe to its resource base last year. The metric is effectively the company's estimate of how much oil and natural gas exist in acreage that it holds, whether or not the commodities are commercially viable.
The company has been holding talks with a range of countries for expansion opportunities. Late last year Reuters reported that ExxonMobil and Egypt had been holding investment discussions.
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