February 21, 2014 / 6:11 PM / in 4 years

Chevron's oil and natural gas reserves fell slightly in 2013

Feb 21 (Reuters) - 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 of 2012.

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 filing.

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.

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