This excerpt taken from the XOM 8-K filed Mar 15, 2005.
RESERVES REPLACEMENT RATIO
Reserves replacement ratio is a performance measure that is calculated using proved oil-equivalent reserves additions divided by oil-equivalent production. Both proved reserves additions and production include amounts applicable to equity companies. The ratio usually reported by ExxonMobil excludes sales and year-end price/cost revisions, and includes Canadian tar sands operations in both additions and production volumes. See the definition of liquids and natural gas reserves above.
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