Re, "Mr. Simmons scoffs at estimates that production from proven fields will decline only 4.5% a year. He thinks a more realistic rate of decline is 8% to 10% a year, especially because modern technology actually succeeds in depleting fields faster."
Stuart Staniford is saying the same thing as Simmons....
http://www.theoildrum.com/node/3236
with an awesome analysis posted on TOD.

These are very large depletion numbers which will continue to drive up crude prices.....perhaps to double current levels....and beyond.....and sooner than many anticipate now......with IMHO major impact on PBG stock.