Exxon Mobil makes deepest global reserves cut since 1999 merger

Chicago

EXXON Mobil Corp disclosed the deepest reserves cut in its modern history as prolonged routs in oil and natural gas markets erased the value of a US$16 billion oil-sands investment and other North American assets.

The equivalent of about 3.3 billion barrels of untapped crude was removed from the so-called proved reserves category in Exxon's books, the Texas-based explorer Irving said in a statement.