​EIA: Reporting U.S. companies see oil and gas reserves decline for second consecutive year

Kearl oilsands project. Image: Imperial Oil

Proved oil and gas reserves for 67 U.S.-listed companies fell for the second year in a row in 2016, according to fresh analysis from the U.S. Energy Information Administration (EIA) using Evaluate Energy data.

The EIA’s analysis, which can be viewed in full at this link , concludes that the decline was primarily due to a handful of larger companies recording a significant drop in Canadian oilsands reserves.

Other causes listed by the EIA include high production levels, downward revisions of existing resources and relatively low levels of extensions and discoveries.