December 3, 2014

IS EVEN $40 THE FLOOR?:

$40 oil doesn't scare Big Oil. Here's why (Matt Egan, December 3, 2014, (CNNMoney)

[O]il heavyweights ExxonMobil (XOM) and Chevron (CVX) claim they aren't losing sleep over the oil prices drop. In fact, they could survive oil as low as $40 per barrel.
Exxon CEO Rex Tillerson told CNBC on Wednesday his company's massive energy projects are decade-long investment decisions that have been tested to be successful even "at the bottom of the cycle."

"We test across a range all the way down to $40 and up to $120," Tillerson said.

Chevron also believes it could weather the storm down to $40 a barrel, according to Oppenheimer analyst Fadel Gheit, who cited a recent conversation with executives from the energy giant.

Posted by at December 3, 2014 5:31 PM
  

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