Chevron's Declining Oil Reserves to be Supported by Hess' Guyana Asset [Yahoo! Finance]
Hess Corporation (HES)
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Source: Yahoo! Finance
2 min read In This Article CVX HES Chevron Corporation CVX recently disclosed that its oil and gas reserves have hit a decade low, highlighting the importance of its planned $53 billion acquisition of Hess Corporation 's HES stake in the Guyana oilfield. In 2024, the oil giant's reserve replacement ratio (RRR) fell to -4%, signaling that its reserves are depleting faster than it can replenish them. This declining reserve has raised concerns among analysts, making Hess' Guyana assets crucial to Chevron's prospects. An Insight Into CVX's Dwindling Oil and Gas Reserves In the last few years, Chevron's Reserve Replacement Ratio (RRR) has significantly declined. The company's reserves dropped from 11.1 billion barrels of oil equivalent (boe) in 2023 to 9.8 billion in 2024, raising concerns among analysts about Chevron's long-term output. Over the past 10 years, Chevron's RRR has averaged 88%, and the organic replacement ratio (excluding sales and acquisitions) stood at just
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