Eni SpA led all its peers in the proportion of new resources it added to offset the oil and natural gas it pumped during the year, and that’s not even counting the new “super giant” discovery off Egypt. Reserves are crucial for valuing a company because they form the basis for future output, making Eni’s 148 percent reserve-replacement ratio “a fundamental distinctive point for the future,” said Giuseppe Rebuzzini from Fidentiis Equities SV SA. Royal Dutch Shell Plc posted the worst ratio at minus 20, its first negative number since 1999.

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