March 2016, Vol. 243, No. 3

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Oil Majors Only Replace 75% of Oil and Gas Produced in 2015

The oil majors failed to replace all of the oil and gas reserves that they burned through in 2015, a worrying sign for the industry’s future. The Wall Street Journal reported that the seven largest oil and gas companies only replaced about 75 percent of the reserves on average that they produced last year, the worst replacement rate in over a decade. Perhaps the most eye-raising fact was that ExxonMobil, the world’s largest publically-traded oil company, was unable to replace 100 percent of the oil and gas it pulled from the ground. The oil supermajor replaced just 67 percent of the oil produced in 2015. Because the valuations of oil companies depend very heavily on their booked oil and g

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