Big Oil Choosing Stock Over Exploration

BusinessBig Oil Choosing Stock Over ExplorationBig Oil Choosing Stock Over ExplorationThe Associated PressEasy oil is gone, gasoline and oil prices have hit unimaginable heights and energy prices are a leading contributor to slowing global growth, so Big Oil must be devoting more and more money to exploration, right? Not so. (July 21)With fuel prices hitting unimaginable heights and the nation's oil giants preparing to report what are expected to be huge second-quarter profits, you may be asking yourself, "what are they doing with all that money?" According to researchers at Rice University, the bulk of that cash was not spent of exploration, but on stock buybacks and shareholder dividends. Rice's data show that Exxon Mobil, Chevron, ConocoPhillips, Royal Dutch Shell and BP _ spent roughly 55 percent of their operating cash flow last year buying back shares and paying dividends. Meanwhile, the money they spent to find new deposits of fossil fuels has for several years remained relatively flat, with percentages in the mid-single digits.[Notes:SOT: Charles Sheehan, AP Energy Editor][Notes:Anchor Voice]If, as expected, the oil giants report eye-popping second-quarter earnings, those results will almost certainly lead to another public outcry, and perhaps another visit before Congress for the oil executives. ___ ___, The Associated Press.

Category:

News & Politics

Tags:

• oil
• prices
• choosing
• stock
• exploration

[DellisHe]

That is just what I think. They just put high prices just to see how people accept it. Then they "lower" the price to their real target. And people say "Oh, the price is going down"

It happens because people are afraid and stupid. We get together and we can take down these companies.

[Hayacafrita]

comment me back

want to chat with singles wg

[lefthooklyrics]

how many houses do you own?say no to EXXON JOHN.

[dropyourdrawers]

Oil prices are decreasing right now (8-14-08), but that is just a ploy. The oil companies play mind games with the public. Prices over time look like an ac wave on an oscilloscope with ever escalating highs. Gas goes from $5.25 to $5.00 a gallon and people think they got a break, but that was their original goal, $5.00 a gallon. People need to open their eyes to this fact and put an end to BIG OIL with fully electric cars and solar energy.

[bustermk2]

No point in looking for new oil reserves that don't exist.

The oil companies seem to have chosen to just take the money and run.

[rancholosmalulos]

this is so true. I live on a ranch that Exxon has had under lease for 80 years. They have huge proven reserves and they are just letting it leak all over. Big companies like to keep "proven reserves" on the books as an asset. I finally got so frustrated, I have resorted to venting on youtube with videos featuring their lease. The field is one of the biggest discoveries ever called the Kesley Bass Oilfield.

[neotoy]

It's because they're not retarded. If peak oil is real, then their business is at an end, it would be crazy for them to put more money into an oil economy that can only lose value from this point on.

[gobigorange99]

Well, what is the point to drill at Anwr and off the coast when the oil companies don't want to spend all those "Hard Earned" profits for oil exploration.

[thid1]

ooooooooooooooooooooohhhh, another visit before congress!

i'll bet the oil companies are really worried about that.

fuckin' charade...

[TakaraKing]

Lock them all up until their companies lower prices !