March 29, 2019 (IEEFA U.S.) – ExxonMobil’s recent 10K filing for 2018 shows it has rebooked 3.2 billion barrels of Canadian oil sands reserves, increasing its worldwide reserves from 21.2 billion barrels in 2017 to 24.3 billion barrels in 2018, a 13% increase.
Market not exactly robust, with an outlook that is not exactly rosy
In a briefing note, ExxonMobil’s Prodigal Reserves Return: Company Rebooks 3.2 Billion Barrels, IEEFA analysts Tom Sanzillo and Kathy Hipple express skepticism over this move.
The IEEFA analysts raise concerns about the reporting, specifically:
ExxonMobil’s competitors will probably not complain, despite the obvious advantage the company gains from its recent rebooking. ExxonMobil and Teck Resources are nearly the only bulls left in the oil sands.
Tom Sanzillo ([email protected]) is IEEFA’s director of finance.
Kathy Hipple ([email protected]) is an IEEFA financial analyst.
The Institute for Energy Economics and Financial Analysis (IEEFA) conducts global research and analyses on financial and economic issues related to energy and the environment. The Institute’s mission is to accelerate the transition to a diverse, sustainable and profitable energy economy.
Vivienne Heston, IEEFA, [email protected], +1 (914) 439-8921