Chevron reports lowest reserve-replacement ratio since 2010

Chevron’s future growth prospects may be dimming after the oil explorer pumped more crude than it discovered or bought last year, eroding its portfolio of untapped fields.

New finds, acquisitions and expansions of existing oil and natural gas holdings were equivalent to just 44% of the company’s 2019 production, according to a regulatory filing on Friday. That was Chevron’s poorest performance in that important metric since 2010.

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