(Bloomberg) -- Exxon Mobil Corp.’s worldwide oil and natural gas reserves declined by almost one-third to lowest in the company’s modern history after the pandemic-driven collapse in energy demand and prices.
Exxon counted the equivalent of 15.2 billion barrels of reserves as of Dec. 31, down from 22.44 billion a year earlier, according to a regulatory filing on Wednesday.
Most of the downward revisions involved Exxon’s Canadian oil-sands developments as well as U.S. shale, where it removed 1.5 million barrels from the ledger. The blow to future production potential comes just weeks after Exxon posted its first annual loss in at least four decades.
Exxon shares were little changed at $56.80 in after-hours trading and have advanced 38% this year.
(Adds geographic details in third paragraph.)
©2021 Bloomberg L.P.