CEO says Exxon Mobil can be “successful” with $40 oil
http://www.freerepublic.com/focus/f-news/3233422/posts
December 3, 2014
Note, I read “sucessful” to mean survive. That won’t be the case for all the little ones that took on too much debt. They will be selling assets to companies like ExxonMobil. My past business with them showed risk management may be a higher concern than production.
Also keep in mind, ExxonMobil refines more than twice the amount of oil they produce. They buy more oil than they produce themselves.
How much of XOM is chemical’s, plastics, etc? Low oil would be a boon to such biz, I would think.
Several years ago, I quoted a job in the Baton Rouge Polyolefins Plant. Lots of infrastructure there.
I recall when some of the first exploration and drilling took place off Canada’s east coast. One of the companies had boats pushing icebergs out of the way of the rigs...