An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. REUTERS/Ernest Scheyder
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The largest publicly traded oil companies – ExxonMobil, Royal Dutch Shell, Chevron, ConocoPhillips, France's Total, BP, Equinor (formerly Statoil) and Italy's Eni – have adapted.This led to a decline in reserves.An analysis by Reuters and Guinness Asset Management of the annual reports of those eight companies shows that the size of their oil and gas reserves, when added together, fell to 91 billion barrels in 2017 .The reserves of Exxon Mobil, the largest company, shrank by 16 percent since the slump began in 2014 . Shell's reserves fell 6.5 percent since then despite the $54 billion acquisition of BG Group in 2016 .BP and Chevron's oil and gas reserves increased by a small 5 percent since 2014 . The cumulative reserve life – the number of years a company can sustain its current production levels with existing reserves – of the eight companies fell to 11.7 years in 2017 .Shell slipped from 12 to 9 years over the period.Exxon wrote down a large part of its Canadian oil reserves in 2017 .
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