Chevron Posts Strongest Year of Crude Discoveries Since 2011
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Big Oil Disappoints Investors
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Chevron Corp. had its best year of oil and natural gas discoveries in more than half a decade as rebounding energy prices lifted drillers out of the worst slump in a generation.
Chevron found enough untapped fields to replace 155 percent of the crude and gas it pumped last year, the highest reserves replacement since 2011. The biggest additions were in the U.S. Permian Basin and Australia, the company said in a statement on Friday.