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Big Oil still reluctant to open spending taps: Goldman 10:39am EDT [Reuters]

JP MORGAN CHASE (JPM)  More Company Research Source: Reuters
Last jp morgan chase earnings: 10/12 06:46 am Check Earnings Report
PDF Big Oil still reluctant to open spending taps: Goldman | Reuters 4 Min Read LONDON (Reuters) - Energy companies and investors are focused on profits and reluctant to boost spending even after crude prices surged to four-year highs, a senior Goldman Sachs banker said on Thursday. Rattled by the recent downturn in the sector and long-term concerns over oil demand and the switch to renewables, Big Oil is facing an unprecedented challenge. “We’re firmly through that survival phase and the better capitalized players are now positioned to do well on the other side of it,” Andrew Fry, global head of energy at Goldman said at the Oil & Money conference in London. Companies typically seek to increase spending as they emerge from a downturn in order to capture low drilling costs and an expected supply shortage. But this time round, the barriers for investments are high, with investors seeking returns of as much as 15 to 20 percent from multi-billion dollar oil and gas projects, Fry said. “In th [Read more]

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