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Exxon Mobil makes deepest global reserves cut since 1999 merger
Low energy prices made it impossible to profitably harvest certain fields within five years
Add BT as a preferred sourcePublished Thu, Feb 23, 2017 · 09:50 PM
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.
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