U.S. Crude Oil and Natural Gas Proved Reserves U.S. crude oil proved reserves declined 4.7 billion barrels (11.8%) from their year-end 2014 levels to 35.2 billion barrels at year-end 2015, according to EIA’s recently released U.S. Crude Oil and Natural Gas Proved Reserves report. U.S. natural gas proved reserves decreased 64.5 trillion cubic feet (Tcf), a 16.6% decline, reducing the U.S. total to 324.3 Tcf at year-end 2015. The significant reduction in the average price of both oil and natural gas between 2014 and 2015 resulted in more challenging economic and operating conditions, important factors in determining proved reserves. West Texas Intermediate crude oil spot prices declined nearly 50% from $94.55 per barrel in 2014 to $50.00 per barrel in 2015. The natural gas spot price at the Louisiana Henry Hub declined more than 40% from $4.55 per million Btu in 2014 to $2.62 […]