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BREAKING: Exxon to Leave Up to 3.6 Billion Barrels of Tar Sands/Oil Sands in the Ground

Business  (tags: Canada, United States, Exxon Mobil, tar sands/oil sands )

- 849 days ago -
The formal acknowledgement, forced on Exxon by the S.E.C., followed a quarterly report last fall in which Secretary of State Rex Tillerson's former employer admitted that up to 4.6 billion barrels of its reserves might have to stay in the ground.


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Judy C (91)
Friday February 24, 2017, 1:08 am
Here is also another short report from Conoco-Phillips, in a similar vein in a similar vein:

ConocoPhillips ‘Debooks’ 1.2 Billion Barrels of Tar Sands/Oil Sands Reserves

ConocoPhillips has become the second fossil major in a week to downgrade its estimate of its tar sands/oil sands reserves, taking more than a billion barrels out of its inventory because of low global oil prices.

“The U.S. oil major said developed and undeveloped reserves of bitumen—the heavy viscous oil found in northern Alberta’s remote oil sands—totalled 1.2 billion barrels at the end of 2016, down from 2.4 billion barrels at the end of 2015,” Reuters reports, in a story picked up by the Financial Post. In its quarterly filing with the U.S. Securities and Exchange Commission, the company actually “debooked” a total of 1.75 billion barrels.

Then again, the move may be temporary. Executive Vice President Al Hirshberg told investors the company would reinstate the reserves if current global oil prices hold. Calgary-based GMP FirstEnergy analyst Martin King “said the debooking likely had more to do with SEC rules requiring companies to evaluate economic reserves at year-end,” the news agency notes, although “the fact that the oil sands make up 70% of the reduction underlines how much of Canada’s resources are uneconomic in a weaker oil environment.”

RS Energy Group Chief Economist Judith Dwarkin commented that the tar sands/oil sands “are at the upper end of the cost curve,” so Conoco’s action “may or may not speak to future similar events from other producers.”

Darren Woolsey (218)
Friday February 24, 2017, 2:02 am
Shared news article all over social media to raise and spread awareness.

JL A (281)
Friday February 24, 2017, 6:45 am
Sounds like dynamics are forcing better shareholder accountability on the companies these days at least--thanks Judy

Judy C (91)
Friday February 24, 2017, 2:43 pm
What all this says to me is that tar sands oil is going to become non-viable in the future. Falling oil prices don't look like they're going to rebound anytime soon, if ever. There is a huge glut of oil in the world right now. The US has more surplus oil just sitting here (correct me if I'm wrong) than it has ever had in its reserves. Tar sands oil is very expensive to extract, to transport, and to refine. Overall, it is very costly to the environment as well. Right now oil infrastructure is being overbuilt, and that will bite the industry in the butt too. The demand for tar sands oil looks like it's going to continue to fall.

Lisa M (15)
Saturday February 25, 2017, 6:58 am

Janet B (0)
Saturday February 25, 2017, 1:05 pm

Colleen L (3)
Saturday February 25, 2017, 1:19 pm
Sad to ruin the land. Thanks Judy

Roro l (0)
Saturday February 25, 2017, 2:31 pm
Thank you

Sheila D (28)
Saturday February 25, 2017, 8:32 pm
Doesn't sound like they're happy about it. However, I'm thankful if they never get it out of the ground. Thanks for sharing.

Margie F (148)
Saturday February 25, 2017, 11:23 pm

Anne K (139)
Sunday February 26, 2017, 3:40 pm
Thanks, Judy.

Margie F (148)
Monday February 27, 2017, 3:02 am
Thanks again

David C (75)
Monday February 27, 2017, 2:05 pm
thanks, a start, but we need to leave everything we haven't already removed in the ground

Dawnie W (250)
Monday February 27, 2017, 10:21 pm
❤️Noted...Thanking you kindly...A move to sanity but they need to forget tar sands and fracking altogether.❤️

😉💜ღ❤️Ƹ̵̡Ӝ̵̨̄Ʒ😺♥L💜ve, Hugs and Peace go with you all♥😺Ƹ̵̡Ӝ̵̨̄Ʒ💛ღ❤️😉

Bryan S (105)
Tuesday February 28, 2017, 6:23 pm
Thanks Judy, and great site. Hopefully this decrease in economic viability, along with decreasing costs of renewables (and some sanity) will end the horribly damaging tar sands industry.

Melania P (123)
Monday April 10, 2017, 1:40 pm
I can't believe this is still allowed, so sad and frustrating
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