Is ExxonMobil's future running dry?

Proven oil and gas reserves fell 3.1% YTY since end of 2006 according to Standard & Poor.

Is ExxonMobil's future running dry? - MSN Money: "Proven reserves declining
The company also reduced its projections for annual production to 4.5 million barrels of oil equivalent a day in 2012 from the 4.8 million barrels a day in 2011 that it projected a year ago. Just further evidence that ExxonMobil has a production problem.

But falling production is only part of the problem, the consequence today of a longer-term problem that seems to worsen each year. You see, not only is production likely to stay flat or fall through 2012, but proven oil and gas reserves are declining. Proven oil and gas reserves fell by 3.1% at year-end 2007 from the end of 2006, according to Standard & Poor's."