Oil company proved reserves additions in 2017 were most since 2013 while expenditures were about half (6/20/2018)

In 2017, a group of the world’s largest publicly traded oil and natural gas producers added more hydrocarbons to their resource base than in any year since 2013, according to the annual reports of 83 exploration and production companies. Collectively, these companies added a net 8.2 billion barrels of oil equivalent (BOE) to their proved reserves during 2017, which totaled 277 billion BOE at the end of the year. Exploration and development (E and D) spending in 2017 increased 11 percent from 2016 levels, but remained 47 percent lower than 2013 levels. ... More »