The Energy Information Administration (EIA) reported on Monday that publicly traded oil and gas companies saw an increase in proved reserves for last year of an additional 2 billion barrels, despite rising costs of exploration and development in North America and Latin America. According to the EIA analysis, there was a 1% increase in proved reserves for 175 publicly traded companies in 2023. In a cautionary note, the EIA said that its analysis was based on filings from the publicly traded companies in question, which it estimates represented…
