Between 2016 and 2017, ConocoPhillips’ (COP) total proven reserves, including equity affiliates, fell 21.6% to 5,038 MMboe (million barrels of oil equivalent), of which 47.7% were oil and 39.3% were natural gas. The decline was mainly due to the sale of its San Juan and Panhandle natural gas assets. However, it still has the highest reserves among peers.
In 2017, EOG Resources’ (EOG) total net proven reserves rose ~18% YoY (year-over-year) to 2,527 MMboe (52% oil). The increase was mainly driven by extensions, discoveries, and other additions.
Occidental Petroleum’s (OXY) proven reserves rose YoY in 2017, to 2,598 MMboe (58% oil) from 2,406 MMboe, mainly driven by recovery and previous estimates being revised.
In 2017, Anadarko Petroleum’s (APC) proven reserves fell 16.4% YoY to 1,439 MMboe from 1,722 MMboe, due to asset sales and production partially offset by additions and revisions. Anadarko has the lowest total reserves among the four peers we’re looking at. In the next article, we’ll compare their recent production.