It’s reserves reporting season in the oil and gas business. And one of the world’s biggest plays saw some major casualties this week as new numbers hit the street. The Canadian oil sands. ConocoPhillips kicked off the carnage on Tuesday . Reporting that it has cut reserves by 1.2 billion barrels at four oil sands projects — Surmont, Foster Creek, Christina Lake and Narrow Lakes. With overall reserves from these plays dropping from 2.4 billion barrels to just 1.2 billion barrels as of the end of 2016. And the situation was even more severe for fellow oil sands producer ExxonMobil. Which announced yesterday it has written down 3.5 billion barrels of reserves from its Kearl project — representing a full 100% of the reserves previously booked here. The driving force for the revision was lower oil prices. With both Conoco and Exxon being subject to strict reporting rules on […]