Major Oil Companies Experience 67% Increase in Cash Flow
Bloomberg reported that in Q3/16 the largest oil companies gained cash from operations of nearly $26 billion, a 67% increase from the previous quarter and more than twice the amount in Q1/16.
Bloomberg reported that in Q3/16 the largest oil companies gained cash from operations of nearly $26 billion, a 67% increase from the previous quarter and more than twice the amount in Q1/16.
According to a survey of analysts conducted by Bloomberg, global oil prices could rise to $57 a barrel on average in 2017.
Bloomberg reported that after crude oil reached a 2016 peak in early June, prices have fallen by more than 10%, causing oil producers to prepare for a downturn in the second half of the year.
According to the Energy Information Administration, companies operating in U. S. shale formations will cut back production by 570,000 barrels a day in 2016, Bloomberg reported.