Reserves

ExxonMobil Corp. reported sharply lower profits for the third quarter as the prolonged decline in oil and natural gas prices exacted its toll on No. 1 U.S. producer. Chevron Corp., the No. 2 U.S. operator, also was hit by the slump in pricing, but it managed to score its first quarterly profit of the year following massive writedowns.

ExxonMobil Corp. has not written down the value of its natural gas and oil assets over the past year despite the dramatic plunge in commodity prices, leading New York Attorney General (AG) Eric Schneiderman to launch another investigation, according to reports.

The United States now holds more recoverable oil reserves than Saudi Arabia and Russia, thanks to the unconventional revolution, according to a three-year global review by Rystad Energy.

ExxonMobil Corp. added 1 billion boe of proved oil and natural gas reserves in 2015, which replaced 67% of production and included a 219% replacement ratio for crude oil and other liquids, the supermajor said Friday. However, natural gas reserves fell, reflecting lower prices.

Antero Resources increased its proved reserves 4% in 2015, including 2.9 Tcfe through the drill bit and 1.1 Tcfe of ethane reserves added after its first de-ethanizer was placed online last month at the MarkWest Sherwood facility in Doddridge County, WV, the company said Wednesday.

The most attractive place to invest in large petroleum reserves anywhere in the world is Texas, with Oklahoma considered most attractive for medium-size reserves and Alabama the best for small reserves, according to the Fraser Institute’s Global Petroleum Survey.

Proved reserves of natural gas in the United States finished at 388.8 Tcf in 2014, setting a record high for the second consecutive year, the Energy Information Administration (EIA) said in a report published Monday.

Rapid City, SD-based Black Hills Corp. senior executives told a gathering of Wall Street analysts Thursday that more impairment charges are coming from the impact of depressed crude oil prices on the company’s exploration and production (E&P) operations.

Alaska Gov. Bill Walker plans to introduce legislation that would include a tax on North Slope natural gas reserves that lie fallow. It is intended to spur producers to commercialize the reserves, but the move has antagonized Republican state lawmakers.