"I would enjoy seeing the rest of the data."

Unfortunately I haven't updated most of the companies recently, some not since 2008.

I agree that other factors besides proven reserves contribute to value, especially in the case of XOM, which has so much value in other parts of their business. Other important factors are their ratio of oil to natural gas and their lifting costs. In addition, as you point out so well, quality of management and financial strength are important factors. Still, I expect that if we did a sum-of-the-parts valuation, that reserves would dominate the valuation in most cases. Same thing if we looked at timber companies. Maybe someone will offer a valuation of XOM that includes the value of its various pieces. There's no doubt that XOM is a major company in the oil and gas space, and it deserves a close look as a possible purchase.

Berkshire Hathaway FAQ

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