The seven biggest publicly traded energy companies replaced just 75% of the oil and gas they produced last year. Typically, they run at a reserve replacement ratio of greater than 100%.
Source: The Wall Street Journal
Last year was the first time in over two decades that Exxon (NYSE:XOM) didn’t fully replace its production with new reserves, having a reserve replacement ratio of 67%. Royal Dutch Shell (LON:RDSa) was even worse, failing to replace any of the oil it pumped last year; its reserves actually shrank by 20%.
Only Chevron (NYSE:CVX), Eni and Total were able to maintain their reserve replacement ratio above 10%, while BP (LON:BP) replaced 61% and Statoil (NYSE:STO) replaced 55%.