The development speaks to the depth and power of a price crash that has intensified this year as crude continues to sell for around $30 a barrel. Finding new oil and gas is a major indicator of the future prospects of energy conglomerates like Exxon. Reserve barrels have long acted as a signal to investors about the stability of the business model. When prices fall, some wells can no longer turn a profit, and companies must recognize the loss of value on their balance sheets. Much of the decline for Exxon came from U.S. natural gas wells , which the company said it expects will eventually be developed and produced. Exxon’s proved reserves totaled 24.8 billion barrels of oil and natural gas at the end of 2015, enough to last 16 years at the rate of its current output. In the past 10 years, Exxon has replaced an average […]