SubscribeAll Posts Tagged With: "oil companies"
Lack of Investment Will Lead to Higher Oil Prices
Oil companies are slashing new investment and production far more sharply than analysts projected just a couple of months ago, a strategy analysts say could lead to shortages and higher gas prices when consumption rebounds. And, analysts say, a standoff between the oil giants and their suppliers over the cost of rigs, labor and other expenses could prolong the investment slowdown.
"The turnaround will probably come faster than people expect, and the supply won’t be there," says Joseph Stanislaw, an adviser to Deloitte’s energy practice.
Oil companies are shaving exploration and production spending 18% this…
4Mar2009 | The Real Deal | Comments Off | ContinuedExxon Mobil Posts Record $14.8 Billion Profit, Shell Tops Estimates
Exxon Mobil Corp. (XOM) set a U.S. profit record today (Thursday) when it announced its third quarter profit topped $14.8 billion on record-high oil prices.
Exxon Mobil, the largest U.S. oil company, earned $14.8 billion, or $2.86 per share, a 58% increase from the $9.41 billion, or $1.70 per share it earned in the third quarter of 2007. Exxon Mobil’s record-setting profit was enough to beat analyst expectations of $2.38 a share, according FactSet Research data.
Exxon Mobil beat its own record for the largest quarterly profit for a U.S. company, which 31Oct2008 | Money Morning | Comments Off | Continued
Where Is Oil Headed?
The Price of Oil
Oil made two runs toward $150 recently, and failed both times. Now oil is in a retreat. Oil was trading near $121 earlier this week. And it appears that support at that price is crumbling. This will surely take the oil company stocks down, as well as those of the oil service companies.
Despite this recent drop in oil prices, BP (BP: NYSE) reported a 28% increase in second-quarter profits, led by surging energy prices. BP also announced that it would continue to fight for its interests in its troubled Russian partnership, TNK-BP. All of this…
1Aug2008 | Energy and Oil | Comments Off | ContinuedThe Monkey House
A few weeks ago we witnessed a political act of such unimaginable stupidity, it is hard to not choke at the mention of it.
A cursory review of the details is worth a minute of your time. This compliments of The Oil & Gas Journal…
“WASHINGTON, DC, May 20 — The U.S. House passed, by a vote of 324 to 84, a bill that would create a new oil antitrust task force within the Department of Justice. Supporters of HR 6074, which also would give DOJ authority to sue foreign oil cartels for violating U.S. antitrust laws, included 103 Republicans,…
4Jul2008 | Whiskey and Gunpowder | Comments Off | Continued
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