Abstract
Exxon is maintaining a petroleum reserves base of near 7 billion barrels and a production rate of 1.5 million barrels per day with an annual capex of $5.35 billion in 1997 US dollars. This is equivalent to $1 per barrel of reserves.
In constant dollars, Exxon's reserve replacement costs decreased by nearly 20 per cent comparing the 10 year average 1988 to 1997 ($5.06 per barrel) with the five year average 1993 to 1997 ($4.12 per barrel). However the cost in 1997 at $4.02 per barrel was not significantly different from the 1992 to 1997 average.
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