ExxonMobil said it replaced 313 percent of its annual production volume by adding 4.5 billion oil-equivalent barrels of proved oil and natural gas reserves in 2018.
With the latest addition, the firm's total proved reserves increased to 24.3 billion oil-equivalent barrels by the end of 2018, the U.S.' top oil producing company said in a statement on Tuesday.
Oil liquids represented 64 percent of the company's reserves, up by 57 percent compared to 2017, it said. It added that the life of the reserves is 17 years at the current production rate.
The increase in reserves was a result of higher oil prices, unconventional drilling operations, and continuing exploration and production in Guyana, Brazil, and in the U.S.' resource-rich Permian basis.
"Multiple new discoveries offshore Guyana, continued growth in the Permian Basin and a strategic acquisition in Brazil greatly enhanced our already strong portfolio of high-quality, low-cost-of-supply opportunities," ExxonMobil Chairman and CEO Darren W. Woods said in the statement.
Over the course of the last 10 years, ExxonMobil has added proved oil and natural gas reserves totaling around 17 billion oil-equivalent barrels, which replaced 108 percent of oil and gas produced volumes, according to the statement.
Exploration and production companies need to replace the amount of oil and natural gas they produce every year to continue their production.
By Ovunc Kutlu