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Chevron struggles to replace oil, gas reserves

Illustration shows Chevron and Hess logos
DADO RUVIC/Reuters

HOUSTON � Chevron's oil and gas reserves have fallen to the lowest point in at least a decade, highlighting the importance of the U.S. major's planned acquisition of oil producer Hess that has stalled due to a court battle with Exxon Mobil. 

Reserve replacement is one of the key metrics for investors in energy companies, as it gives a sense of how much oil and gas the companies could produce and for how long.



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