This Week in Oil & Gas: Declining Profits and Soaring Project Costs

The biggest story this week in oil and gas is declining profits and production and soaring project costs for the supermajors as disappointing fourth-quarter 2013 earnings come in, among other bad news for the big boys. According to the Wall Street Journal, Chevron, Exxon Mobil and Shell spent more than $120 billion in 2013 to boost oil and gas output, but production is declining and they’re having a hard time justifying these costs.Exxon Mobil’s fourth-quarter earnings, released yesterday, were down largely due to a 1.8% drop in oil…

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via OilPrice.com Daily News Update http://ift.tt/1ftaLT1

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