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Oil majors trapped in cycle of spending more but finding less

2013-08-11 07:01:00| Climate Ark Climate Change & Global Warming Newsfeed

Financial Times: For the oil majors, quarterly results were once a ticker-tape parade. Last week, they were more like a walk of shame. ExxonMobil, Chevron, Royal Dutch Shell, BP, and Total all suffered a drop in earnings year-on-year. Oil and gas output for all, bar Total, contracted, despite big hikes in capital spending. Costs were up and returns down even with oil prices at more than $100 a barrel. Companies that just a few years ago bestrode the corporate world like colossi are now in the doghouse, unloved...

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