Exxon oil, gas reserves up in 2012 on boost from U.S. shale

Tue Feb 19, 2013 11:50am EST
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Feb 19 (Reuters) - Exxon Mobil Corp, the world's largest publicly traded oil company, said on Tuesday its oil and gas reserves rose last year, boosted by output from shale formations in the United States and projects in Canada.

Reserve additions from the Bakken Shale in North Dakota as well as its Cold Lake oil sands development in Alberta helped Exxon replace 115 percent of its 2012 output, the Irving, Texas company said.

Exxon's proved reserves totaled 25.2 billion barrels oil-equivalent (boe) at year-end 2012, up from 24.9 billion boe in 2011.

Over half of Exxon's reserves were made up of more valuable crude oil and other liquids, an improvement over the prior year when 51 percent of Exxon's reserves were gas.

Shares of Exxon edged up 37 cents to $88.73 in late-morning New York Stock Exchange trading.