Bernstein: 'Either prices must rise or costs must fall'

摘要

An analysis of financial and production metrics of the 50 largest publicly traded oil companies by Bernstein Research reveals that cost inflation has not abated for producers. At the same time, surging non-OPEC oil and liquids production as well as U.S.-driven natural gas oversupply are keeping a lid on commodity prices. The result: Net income margins for the group are at the lowest levels in a decade.