The Business Times
business-time-50
SUBSCRIBERS

Exxon Mobil makes deepest global reserves cut since 1999 merger

Low energy prices made it impossible to profitably harvest certain fields within five years

google-preferred-sourceAdd BT as a preferred source
Published Thu, Feb 23, 2017 · 09:50 PM

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    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.

    ExxonMobiloil

    Share with us your feedback on BT's products and services

    Feedback

    TRENDING NOW

    While residential property has delivered solid gains, observers say other assets such as equities often outpace it over the longer term.

    Higher costs, lower returns: Why are Singaporeans still betting on real estate?

    Chinese Foreign Minister Wang Yi stopped short of explicitly naming the US or Israel as aggressors, a telling omission from a country that otherwise speaks with little diplomatic timidity.

    Beijing’s calculated silence on the Iran war 

    Visitors at the KL Tower. Industry observers say inbound trip cancellations have surged to approximately 5,000 in the past month.

    Malaysia tourism hit by fuel shock; tour prices may jump 50%

    Allen & Gledhill partner Dinesh Dhillon led the legal team representing Kiri Industries throughout the decade-long dispute.

    Why where you park your joint venture matters: Lessons from a US$689 million shareholder dispute

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More