Big oil firms struggle to find new reserves

Big U.S. oil firms more than matched the oil and gas they pumped last year with new finds, while European rivals failed to, but the underlying performance of both reinforced fears the industry is short of attractive exploration opportunities.

The following are the reserve replacement rates reported by some of the largest listed western oil firms, as calculated under rules stipulated by the U.S. financial regulator, the Securities and Exchange Commission:

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