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www.woodmac.com
Companies:  BP, Chevron, ConocoPhillips, ExxonMobil, Eni, Repsol-YPF, Shell, Statoil and Total
Source: Wood Mackenzie, company reports
…but their very recent exploration results have been poor
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5
10
15
20
25
1998
1999
2000
2001
2002
2003
2004
Text Box: Billion boe
Billion boe
WM Lower 48
WM Technical
WM Commercial
SEC additions
SEC production