Abstract
Exxon's oil reserves were reduced substantially in the 1960s and 1970s following participation by the large oil producing countries. In 1975 oil reserves were a little under 7 billion barrels falling to under 6 billion barrels in 1993 before recovering post 1995 to again near 7 billion barrels. In constant money terms, Exxon's exploration and production capex fell to a record low in 1994 with capex in 1998 over one third higher.
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