Feb 21 Chevron Corp, the second-largest
U.S. oil company, said on Friday its oil and natural gas
reserves fell slightly last year, largely due to drops in the
United States and Africa.
The company had proved reserves of 11.2 billion barrels of
oil equivalent on Dec. 31, roughly 1.3 percent less than the end
Declining reserves has become a widespread concern for
international oil companies, many of which have massive capital
budgets to find and extract oil and natural gas.
Proved, developed reserves, a measurement of reserves that
can be recovered with existing wells, fell in the U.S., Africa,
Asia and Europe, and rose in Australia and in the western
hemisphere outside the U.S., the company said in a regulatory
Chevron said last month it would keep its massive capital
budget, worth about $40 billion, on track for the next few
years, a contrast to peers who are cutting spending.