U.S. oil and gas reserves increased 9 percent last year, according to a newly released analysis, and almost all of it was due to independent producers — not major, integrated oil companies.
The report by audit firm EY analyzed data reported by the 50 largest publicly traded companies based on their 2013 end-of-year reserve estimates. It analyzed proved reserves which, according to federal finance standards, are reserves that companies plan to drill within five years.
U.S. oil reserves increased by 2.1 billion barrels last year to nearly 25.4 billion, according to the report. That figure marks a 52 percent increase since 2009.Read the whole article by clicking here.
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