A two-year trend of rising proved reserves of oil and natural gas in the United States hit a snag in 2019 as prices declined, according to the Energy Information Administration (EIA).

Oil and Gas Reserves

Proved reserves of oil increased 367 million bbl in 2019, while proved reserves of lease condensate produced from gas wells dropped 313 million bbl, according to EIA. This yielded a net gain of 54 million bbl of proved reserves of crude and lease condensate to 47.1 billion bbl at year-end 2019, which is at the record level set in 2018. U.S. oil and condensate production increased 12.7% from 2018 to 2019.

Alaska producers reported the largest net increase, adding 259 million bbl of proved reserves of oil and lease condensate in 2019, while producers in New Mexico saw the second-largest net increase...