Independents lead growth in US oil and gas reserves

Fuel Fix:

U.S. oil and gas reserves increased 9 percent last year, according to a newly released analysis, and almost all of it was due to independent producers — not major, integrated oil companies.

The report by audit firm EY analyzed data reported by the 50 largest publicly traded companies based on their 2013 end-of-year reserve estimates. It analyzed proved reserves which, according to federal finance standards, are reserves that companies plan to drill within five years.

U.S. oil reserves increased by 2.1 billion barrels last year to nearly 25.4 billion, according to the report. That figure marks a 52 percent increase since 2009.

The gains were attributable almost entirely to the work of independent producers — companies only involved in exploration and production, with no refining business. Those companies, such as Anadarko Petroleum Corp. and Devon Energy, are the most prominent actors in the country’s shale plays.
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They seem better able to move quickly to acquire drilling rights and drill quickly.  I suspect the integrated companies are also more risk adverse.