ExxonMobil, Shell, BP, Chevron, Total, and ConocoPhillips are usually referred to as major oil companies. Based on the annual reports of these companies downloaded through the Internet, I have summarized the reserves, production and reserve replacement ratios of each company from 2019 to 23. Based on the results, I have reviewed the trends in the global oil upstream sector. BP, which became a major shareholder of Rosneft, Russia’s largest oil company and was deeply involved in the Russian oil business, lost a lot of reserves and production volumes, and it became clear that the scale of its business was rapidly shrinking. On the other hand, ConocoPhillips has relatively strong reserves, mainly due to the contribution of unconventional resources in the U.S. Lower 48.

ExxonMobil’s reserves plummeted from the end of 2019 to the end of 2020, but in 2021 RRR reached 239％ , mainly due to the recording of large Extensions/discoveries and Revisions.

In terms of production volume, BP’s notable downward trend and ConocoPhillips’ upward trend since 2021 are conspicuous, while other companies are flat or decreasing.

In terms of reserve replacement ratio R/P, BP has been less than 8 years since 2022, but other companies have been hovering around 10 years.

Each company is focusing on promoting renewable energy businesses for the purpose of decarbonization, but these businesses have not had a significant impact on the profit structure.