The reserves replacement discussion on the earnings investor presentation makes no sense at all. It shows 10 year increases but says RRR was 95%.
Anyhow, last year we really only added reserves from Hess. Otherwise, we are a shrinking business.
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Key 2025 Reserve Details:
Reserve Replacement Ratio (2025): 158%.
Proved Reserves (Year-end 2025): Approximately 10.6 billion barrels of net oil-equivalent.
2024 RRR was ~85%
All energy companies are shrinking business