Abstract
Exxon Mobil's total capex on exploration and production in 1999 in real terms was lower than Exxon's capex in the years 1975 to 1985. Total oil reserves in 1999 at 12 billion barrels compared with 7 billion barrels for Exxon in 1998 which was near the average for Exxon over the period 1975 to 1998.
In 1975 capex of $8 billion related to a reserve base of 7 billion barrels. In 1999 capex of $7 billion related to a reserve base of 12 billion barrels.