EIA Reports Unexpected Rise in Oil Reserves for Public U.S. Companies

The Energy Information Administration (EIA) reported on Monday that publicly traded oil and gas companies saw an increase in proved reserves for last year of an additional 2 billion barrels, despite rising costs of exploration and development in North America and Latin America.  According to the EIA analysis, there was a 1% increase in proved reserves for 175 publicly traded companies in 2023.  In a cautionary note, the EIA said that its analysis was based on filings from the publicly traded companies in question, which it estimates represented…