I think this is a model of sustainable business. Every year there is the same amount of oil production, but it generates ever-increasing sales and profits. How cool is that?

Furthermore, "ExxonMobil's reserves life at current production rates is 14.5 years." Since they replaced 112% of production, roughly the same as they do each year, the business can go on this way forever.

I also take comfort in the fact that "The portion of proved reserves already developed increased to 64 percent." It's good to know there aren't many more places they need to drill ...
 

Just like last year, though, if you read Exxon's reserve press release, virtually all of their reserve additions came via the pen, signing LNG contracts with Qatar, rather than through the drillbit, total oil field visualization, or whatever magic wand will find all that high-tech oil...

This years reserve release:
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IRVING, Texas--(BUSINESS WIRE)--Feb. 15, 2006--Exxon Mobil Corporation (NYSE:XOM) announced today that additions to its worldwide proved oil and gas reserves totaled 1.7 billion oil-equivalent barrels in 2005, excluding the effects of using single-day, year-end pricing. Production totaled 1.5 billion oil-equivalent barrels in 2005, with 917 million barrels of liquids and 3.7 trillion cubic feet of gas produced. The corporation replaced 112 percent of production including property sales, and 129 percent excluding property sales.

Consistent with our significant investment and growing participation with Qatar Petroleum in the development of liquefied natural gas and pipeline gas sales from Qatar's North Field, proved reserves additions in Qatar totaled 1.6 billion oil-equivalent barrels.
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Compare this with last year's release:

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IRVING, Texas--(BUSINESS WIRE)--Feb. 18, 2005--Exxon Mobil Corporation (NYSE:XOM) announced today that additions to its worldwide proved oil and gas reserves totaled 1.8 billion oil-equivalent barrels in 2004, excluding the effects of using single-day, year-end pricing. The Corporation replaced 112 percent of production including property sales, and 125 percent excluding property sales.

Consistent with our significant commitment and growing participation with Qatar Petroleum in the development of liquefied natural gas from Qatar's North Field, proved reserve additions in Qatar totaled 1.7 billion oil-equivalent barrels.
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What Exxon has done is found a way to add reserves in Qatar essentially without exploration in a convenient manner, evidently massaged to give 112% reserve replacement.  They are VERY quiet about their liquid base, hiding it in the depths of their annual report.  Liquids production was 935,000 bbl/d in 2004, and 917,000 bbl/d in 2005, for reference.