Exxon slashed its oil reserves by almost a third in what is the most radical reserve revision in the company’s modern history. The supermajor reported reserves totaling 15.3 billion barrels as of the end of 2020 in a regulatory filing, cited by Bloomberg. This compared with 22.44 billion barrels a year earlier. The biggest chunk of “deleted” assets came from Canadian oil sands: Exxon removed almost all of its oil sands holdings from its books as of the end of last year. This, however, does not mean they are gone forever. “Among…
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