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Photo: Kena Betancur/VIEWpress/Corbis via Getty Images

ExxonMobil said it added 4.5 billion barrels of oil equivalent to its proven reserves last year, which is over three times what the multinational giant produced in 2017.

Why it matters: The strong performance represents a major bounce back from some high-profile struggles, notably in 2016 when Exxon was forced to cut reserves by over 3 billion barrels.

  • It also beats their result from the prior year, when the company added enough to replace 183% of annual production.
  • Proven reserves are essentially a metric of what a company can take from the ground under current economic conditions and methods.

The intrigue: The breakdown of the increase also tells a story of Exxon's positioning as it seeks to drive up production sharply over the next half-decade.

  • "Exxon has been struggling to arrest production declines over the past two years after a series of strategic mistakes over the past decade," Bloomberg notes.
  • The company added volumes in the Permian basin, a sign of its growing footprint in shale.

What to watch: Another 1.3 billion primarily came from big offshore fields in Brazil and Guyana. Exxon made huge finds in Guyana and hopes to be producing 750,000 barrels per day there by 2025.

Go deeper: Exxon mulling investing in electric-vehicle charging

Go deeper

The rebellion against Silicon Valley (the place)

Photo illustration: Sarah Grillo/Axios. Smith Collection/Gado via Getty Images

Silicon Valley may be a "state of mind," but it's also very much a real enclave in Northern California. Now, a growing faction of the tech industry is boycotting it.

Why it matters: The Bay Area is facing for the first time the prospect of losing its crown as the top destination for tech workers and startups — which could have an economic impact on the region and force it to reckon with its local issues.

Erica Pandey, author of @Work
1 hour ago - Economy & Business

Telework's tax mess

Illustration: Annelise Capossela/Axios

As teleworkers flit from city to city, they're creating a huge tax mess.

Why it matters: Our tax laws aren't built for telecommuting, and this new way of working could have dire implications for city and state budgets.

Wanted: New media bosses, everywhere

Illustration: Sarah Grillo/Axios

The Washington Post, Los Angeles Times, Reuters, HuffPost and Wired are all looking for new editors. Soon, The New York Times will be too.

Why it matters: The new hires will reflect a new generation — one that's addicted to technology, demands accountability and expects diversity to be a priority.