Conoco exec says high oil prices not a ‘friend’

http://www.msnbc.msn.com/id/24624265/

HOUSTON - Despite contributing to massive, multibillion profits in recent quarters, record crude prices are not helping the world’s big oil companies on many fronts, including some efforts to find more fossil fuel, the chief of ConocoPhillips said Wednesday. 

Jim Mulva, speaking at the company’s annual shareholder meeting, said the spike in crude prices to historic highs has raised the tab to do business in the oil field dramatically, both for equipment and personnel.

For example, Mulva said, a barrel of oil that might have cost $20 or $30 a barrel to find, produce and transport in the past may now cost the company $70 or $80 barrel.

 

~ by Running Rooster on May 14, 2008.