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World’s Biggest Oil Companies Fail to Increase Earnings as Trades Drop, Costs Soar
Apr. 25, 2013 05:55AM PST
Resource Investing News Bloomberg reported that major oil companies, Royal Dutch Shell Plc, BP Plc, Exxon Mobile Corp., and Total SA all reported lower quarterly profit as crude trades close to a 9-month low and spending costs rise.
Bloomberg reported that major oil companies, Royal Dutch Shell Plc, BP Plc, Exxon Mobile Corp., and Total SA all reported lower quarterly profit as crude trades close to a 9-month low and spending costs rise.
As quoted in the market news:
It’s going to be a very rough ride for the majors,” said Fadel Gheit, an analyst at Oppenheimer & Co. in New York who rates Exxon the equivalent of a hold. “If oil prices go down from here, no major integrated oil company will beat the S&P. We cannot hope they’ll be able to squeeze costs faster than falling oil prices.