Word: exxonmobils
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...Gulf, as the massive North Sea and Gulf of Mexico deposits are finally exhausted. That will leave the industrialized countries far more dependent on the volatile Middle East in 2030 than they are today, and the likes of Saudi Arabia, Kuwait and Iran will dictate terms to companies like ExxonMobil and Chevron, which increasingly operate as contractors to state-run oil companies in many producer nations...
...after nearly 25 years of Saddam's dictatorship, international sanctions and bloody conflict. Oil revenues, which are potentially worth $70 billion a year--virtually all of Iraq's export earnings--are desperately needed to rebuild the shattered economy and end its overwhelming dependence on Washington. And oil companies from ExxonMobil to China National Petroleum Corp. are elbowing for position...
...ExxonMobil's official mantra is that "we are doing all we can to bring more petroleum products to market to meet growing energy needs." The numbers say otherwise, and this is a company where numbers speak louder than words. The number that matters most is return on capital employed--that is, net profits divided by what's been invested in oil rigs, pipelines, refineries, etc. ExxonMobil's ratio, 32.2% last year, is consistently the industry's best. When ExxonMobil gives more money to shareholders than it spends on capital and exploration, that means its executives can't find enough...
...their hands on oil fields is the biggest issue. "They can see the opportunities," says veteran oil analyst Fadel Gheit of Oppenheimer & Co., "but they don't have access to them." Only 7% of the world's estimated oil and gas reserves are in countries that allow companies like ExxonMobil free rein, according to consulting firm PFC Energy. Fully 65% are in the hands of state-owned companies such as Saudi Aramco, and the rest are in the likes of Russia and Venezuela, where Western companies can get a foothold one day but lose it the next...
Shell and BP have taken bigger risks than ExxonMobil in this latter zone, with mixed results. And while the state-owned companies appear to have lots of oil, they're generally less adept at getting it out of the ground quickly than the private Western oil giants. All of which appears to mean that today's gasoline prices, unlike those of the 1980s, won't be returning to earth anytime soon...