30 Jan '13, 2pm

Drumbeat: January 30, 2013

Again a potential case for sloppy language. Re: oil company profits down - “Even though Brent prices are up, so are the costs of producing that crude, and gas is a big drag”. I produce oil/NG for a living and the cost to do so has risen very little. But that’s the cost “to produce oil/NG”…not to drill for new oil/NG reserves. There are many companies spending less than $20/bbl to PRODUCE their wells so selling for $90/bbl creates a very nice positive cash flow. OTOH some of those wells with positive cash flows may never recover 100% of the monies spent to drill them. And some may return 5X what was spent to drill them. And at the company level? Some companies will recover 300% of their investment from their wells generating nice positive cash flows. And some companies will recover only 70% of the investment from their wells that are generating a nice positive cash flow. Ad...

Full article: http://www.theoildrum.com/node/9807

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