Exxon Mobil’s total reserves drop by a third after COVID oil price drop

(Reuters) – Exxon Mobil’s oil and gas reserves tumbled by a third last year as the COVID-19 pandemic crashed global oil prices and demand, the company said on Wednesday.

Exxon’s total reserves for all products fell to 15.2 billion barrels of oil and gas at the end of 2020 from 22.4 billion the year before, mostly driven by oil sands in Canada and U.S. shale gas properties, according to a regulatory filing.

The number of Exxon workers at the end of the year was 72,000, down from 74,900 at the end of 2019.