Oil giants draining reserves at faster pace

The world's biggest oil companies are draining their petroleum reserves faster than they are replacing them--a symptom of how a deep oil-price decline is reshaping the energy industry's priorities.

In 2015, the seven biggest publicly traded Western energy companies, including Exxon Mobil Corp. and Royal Dutch Shell PLC, replaced just 75% of the oil and natural gas they pumped, on average, according to a Wall Street Journal analysis of company data. It was the biggest combined drop in inventory that companies have reported in at least a decade.

For Exxon, 2015 marked the first time in more than two decades it didn't fully replace production with new reserves, according to the company. It reported replacing 67% of its 2015 output.

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