Source: WSJ
HOUSTON—Exxon Mobil Corp., the world's largest publicly traded oil company, is struggling to find more oil.
In its closely watched annual financial report released Tuesday, the company said that for every 100 barrels it has pumped out of the earth over the past decade, it has replaced only 95.
It's a conundrum shared by most of the other large Western oil-producing companies, which are finding most accessible oil fields were tapped long ago, while promising new regions are proving technologically and politically challenging.
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