Publicly traded U.S. oil exploration and production (E and P) companies annually assess their expected future cash flows from their proved reserves based on prevailing prices, technology, and geology. In addition to these primary factors, with the recent release of proved reserves assessments for 2017, U.S. E and P companies included effects associated with changes to corporate income tax law enacted at the end of 2017. The implications for the 2017 proved reserves reports include fewer tax liabilities for the companies than under the old tax law, ultimately contributing to the total increase in the future cash flow they expect from proved reserves. …