Canada's Fading Oil Promise Leaves U.S. Majors Struggling
- Exxon, Conoco take massive Canadian hits to proved reserves
- Pricey bitumen investments poor performers amid market slump
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Oil-sands investments in Western Canada that gobbled tens of billions of dollars over the past decade are proving an Achilles heel for some of the world’s biggest energy producers.
Exxon Mobil Corp. slashed proved reserves the most in its modern history after removing the entire $16 billion, 3.5-billion-barrel Kearl oil-sands project from its books on Wednesday. That followed ConocoPhillips’ announcement a day earlier that erased 1.15 billion oil-sands barrels, plunging its reserves to a 15-year low.