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Thursday, March 17, 2011

Peak Oil? What Peak Oil? -- XOM: Most New Production in 5 Years -- XOM Drilled 63 Bakken Wells in 2010

Link here.

Data points (some numbers rounded):
  • XOM to add 1.4 million boe/d net to its production by 2016
  • Oil will account for 80% of that new production
  • "No bias (oil vs natural gas) for us one way or the other. Our bias is to make money."
  • 2011 project startups: + 120,000 boe/d over 2010
  • XOM's average reserve replacement cost during 2005 - 2009: $8/boe
  • Proved reserves (2010): 25 billion boe; up 8 percent from 2009
2012 - 2013: 10 new projects to come on line

Unconventional resources account for 40 percent of XOM's total boe resource base
  • Of note: XOM has 410,000 net acres in the Bakken (MT and ND)
  • Seven rigs in ND Bakken as of March 9, 2011
  • In 2010: XOM drilled 63 Bakken wells
Additional Bakken comments at the link. Very, very interesting. (XOM presence in the Bakken is through its wholly owned subsidiary, XTO).

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