Chevron's (CVX) oil and gas reserves have fallen to their lowest level in at least a decade, Reuters reported Tuesday.

The amount of oil and gas that Chevron can potentially extract dropped to 9.8 billion barrels of oil equivalent as of the end of 2024 from 11.1 billion in 2023, Reuters reported, adding that land sales contributed to the decline.

Chevron is currently in the process of acquiring Hess (HES), which would bolster its reserves; however, Exxon (XOM) is contesting the acquisition in court. Exxon has also had difficulty replacing its reserves in 2022 and 2023, Reuters reported.

Chevron and Exxon did not immediately respond to a request for comment from MT Newswires.

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