Exxon 2011 Annual Report Download - page 12

UP CLOSE:
HADRIAN-5 DISCOVERY
In 2011, we made a significant oil discovery with
the Hadrian-5 exploration well in the U.S. Gulf of
Mexico. Combined with the Hadrian North and
South discoveries, the total Hadrian complex
is estimated to contain recoverable resources
of more than 700 million oil-equivalent barrels,
making this among the largest discoveries in the
Gulf of Mexico in the last decade.
COMPETITIVE ADVANTAGES:
Balanced Portfolio
We have operations in more than 45 countries and participate in the development of all major resource types.
We also supply key markets with high-value petroleum and petrochemical products. The quality, size, and diversity
of our balanced portfolio are evident across all three of ExxonMobil’s business segments.
UPSTREAM
ExxonMobil’s Upstream portfolio includes high-quality exploration opportunities,
an industry-leading resource base, a broad range of projects, and a diverse set
of producing assets.
Our global exploration organization focuses on expanding our base of oil and gas
resources by exploring for all prospect types in any environment around the world.
We combine world-class technical expertise, extensive databases of opportunities,
and leading research capabilities to provide a distinct advantage in the competition
for new resources.
The success we experienced in 2011 included 24 significant opportunity captures in
seven countries. Among these were multiple reserve plays in proven petroleum basins
with significant oil potential.
In 2011, we added 4.1 billion net oil-equivalent barrels to our resource base. After adjusting for annual production, asset sales,
and revisions to existing field estimates, the resource base increased by 2.7 billion net oil-equivalent barrels, or 3 percent, and
now totals 87 billion net oil-equivalent barrels. As part of this successful effort to expand our resource base, we have achieved
significant increases in our unconventional resource position in the United States since the acquisition of XTO Energy in
June 2010. XTO now manages a portfolio of 82 trillion net cubic feet of natural gas equivalent, an increase of more than
80 percent from what was initially recognized at the time of the acquisition.
We also have a large portfolio of more than 120 diverse projects that are expected to develop 23 billion oil-equivalent barrels,
across a variety of environments, resource types, and geographic regions. We are developing 21 major projects in the next
three years, and the number of major projects for 2015 and beyond exceeds 30. The near-term developments are expected to
add about 600 thousand oil-equivalent barrels per day to our production with the post-2015 efforts providing a similar amount.
In addition to an extensive project portfolio, we produce oil and gas in all major regions, including North America, Europe, Africa,
the Middle East, Asia, and Australia. In North America, for example, we produce oil and gas in Texas, Louisiana, the Gulf of Mexico,
California, the mid-continent states, Alaska, offshore eastern Canada, and onshore western Canada. As one of Europe’s largest
producers of oil and gas, we have a presence in the United Kingdom, the Norwegian North Sea, the Netherlands, and Germany.
In other regions, we participate in a similarly large number of countries.
Upstream
projects
to develop
23
oil-equivalent
barrels
billion
10 ExxonMobil • 2011 Summary Annual Report