Reserve holdings reflected a similar pattern. The big gainers were the independents that remained in production, while nonintegrated majors showed modest growth. The integrated majors registered the largest drop in U.S. reserve position followed by the private independents.
Note: BOE=barrels of oil equivalent. Natural gas converted at 0.178 barrels per thousand cubic feet. Sources: Majors: Energy Information Administration, Form EIA-28 (“Financial Reporting System”). Publicly-traded independents: Company filings of Securities and Exchange Commission Form 10-K. Privately-held independents: U.S. total oil and gas production (adjusted for royalty interests) less majors and publicly-traded independents.