Majors’ Oil Output Falls But Earnings Rise

摘要

The international oil majors started 2011with a bang, reaping nearly $494 billion inrevenues and $36 billion in adjusted profitsacross the group during the first threemonths of the year.Such earnings power is to be expectedgiven that benchmark oil prices averagednearly $95/bbl in the US and more than$100 internationally during the quarter. De-spite the impressive headline figure, the ma-jors did not quite reach their full earningspotential given that liquids output fell foreach of the six firms tracked by Oil Daily be-cause of asset sales, natural field declines andunexpected downtime.