Marathon Oil Corp. on Wednesday said its 2009 proved oil and gas reserves climbed more than 40 percent, helped by new SEC reporting rules and existing fields.
Year-end reserves rose to 1,679 million barrels of oil equivalent, of which 37 percent was liquid hydrocarbons, 36 percent was synthetic crude and 27 percent was natural gas.
Under revised Securities and Exchange Commission regulations, energy producers can now include gains from oil sands projects in their reserve additions. Marathon’s reserve gains came mostly from the 603 million barrels of proved synthetic crude oil reserves related to its Athabasca Oil Sands Project in Canada.
The Houston company also reported gains in the Bakken fields along the U.S., Canadian border and in deepwater developments. (AP)
