Depletion has been a major problem for Chevron, whose reserve replacement ratio slid to negative 4% last year, with reserves falling to their lowest point in at least a decade at 9.8 billion barrels, according to LSEG data. That’s the equivalent to 8 years of production, down from 10 years in 2023, and compared with Exxon’s 12 years in 2024.

On Friday, Exxon lost the oil industry’s highest-profile legal dispute in 40 years to arch-rival Chevron Corp.

Exxon said it disagreed with the arbitration panel’s decision.