(MENAFN) Exxon Mobil Corp., the American multinational oil and Gas Corporation had achieved reserve-replacement ratios of 100pct or higher for 21 consecutive years, but this long streak has finally came to an end last year.
The Texas-based giant's reserve-replacement ratio declined to 67pct over the previous year, however it held assets equivalent to 24.8bp of crude as of March-31, enough to continue current yield rates for 16 years.
Moreover, as plunging prices for furnace and power-plant fuel made some fields unprofitable to drill, the world's 5th largest company by revenue had its gas reserves in the U.S. drop by the equivalent of 834 million barrels.
Meantime, basically the reserve-replacement ratio is a crucial measure for oil producers, investors and analysts to evaluate a firm's long-term capability to uphold or increase crude and gas output.
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