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Friday, 5 May 2017

Big Oil's Message to OPEC: We're Making Good Money, Thanks - Bloomberg

Big Oil's Message to OPEC: We're Making Good Money, Thanks - Bloomberg:

"From Exxon Mobil Corp. to Total SA, the world’s largest listed oil companies have sent a message to skeptical investors and rivals at OPEC: we can get by in a world of $50 a barrel crude.

Big Oil generated a gusher of cash in the first quarter. The surge shows how a mix of cost-cutting and assets sales -- plus the tailwind of new output from projects approved several years ago -- helped companies to survive and then thrive with prices that are less than half what they were a few years ago.

“Oil majors have adapted to the low-price environment,” said Olivier Jakob, head of oil consultant Petromatrix GmbH in Zug, Switzerland."



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