Proved

U.S. crude oil reserves in 2012 surged to their highest level since 1976, but low natural gas prices drove down gas proved reserves for the first time since 1998, the Energy Information Administration (EIA) said Thursday.

U.S. crude oil reserves in 2012 surged to their highest level since 1976, but low natural gas prices drove down gas proved reserves for the first time in 14 years, the Energy Information Administration (EIA) said Thursday.

ExxonMobil Corp. replaced its proved oil and natural gas reserves in 2013 by 1.6 billion boe, a 103% replacement overall and a 153% jump in crude and liquids. However, total proved reserves, which now stand at 25.2 billion boe, are flat from a year ago.

Consol Energy Inc. added 1.63 Tcfe to its proved reserves through extensions and discoveries in 2013, which the company said on Thursday marks the fifth consecutive year that drillbit finding and development costs were less than 50 cents per Mcfe.

Antero Resources Corp. continues to grow its holdings in the Appalachian Basin, reinforcing its position as one of the region’s most active drillers by reporting on Tuesday a 78% increase in proved reserves and a 62% increase in proved, probable and possible (3P) reserves at the end of last year.

The United States claimed the title in 2012 for the leading production growth for not only natural gas but also oil, boosted by its considerable unconventional stores, according to BP plc’s annual benchmark of global energy resources.

Pioneer Natural Resources Co. (PXD) has made a buyout offer to Pioneer Southwest Energy Partners LP(PSE) with the goal of consolidating the companies’ properties in the Midland Basin in West Texas.

Southwestern Energy Co., which has proved time and again that making money is possible in some of the onshore natural gas plays, last week cut a bargain deal that will nearly double its gassy acreage position in the Marcellus Shale of Pennsylvania.

Southwestern Energy Co., which has proved time and again that making money is possible in some of the onshore natural gas plays, on Monday cut a bargain deal that will nearly double its gassy acreage position in the Marcellus Shale of Pennsylvania.