The Time Is Right to Buy Big Oil
Source: Forbes (4/29/08)
Although crude prices have jumped from $100 to nearly $120 per barrel over the past six months, they have not always made life easier for the big integrated oil and gas companies. Equipment, infrastructure and exploration costs rise in tandem with the price of oil, while the firms themselves have to buy refinery stock on the open market.
"Clearly they have managed to capture more of the upsides of the oil price," said Herman Bots, analyst with Theodoor Gilissen.