For the 19th consecutive year, we added more oil and natural gas reserves than we produced and our crude reserve replacement rate exceeded 100 %. (climatesciencewatch.org)
And their difficulties with reserve replacement, plus their focus on dividends & financial engineering, doesn't inspire me so much. (wexboy.wordpress.com)
Basically, they haven't diversified enough, spent enough, and / or mastered the art of reserve replacement. (wexboy.wordpress.com)