According to the oil giant's results being released first quarter of this year, as oil and gas prices continue to fall, Exxon Mobil, Chevron, Shell and other giants of the world's top five oil profits across the board with the sharp drop in the same period last year .
The second-largest U.S. oil and gas company Chevron's results on the 1st release said that more than a quarter of the company's profit dropped 64 percent over the same period last year. According to recently released results one after another, the world's largest oil company Exxon Mobil, the third largest U.S. oil company ConocoPhillips, the two European oil companies Shell and British Petroleum (BP) of these four oil giants first quarter profits dropped 58 percent, respectively, 80%, 62% and 62%.
According to the Associated Press reported that, in general, the five oil companies profit the first quarter of 13.3 billion U.S. dollars accumulated over the same period last year fell 63 percent overall.
There is no doubt that the deteriorating economic situation led to oil and natural gas prices is a sharp drop in profits the oil giant said. First quarter of last year, the international oil price is also up to three digits, and once in the year surged to 150 U.S. dollars a barrel close to the peak; and now, as a result of the global economic downturn hit the market demand, international oil price has dropped to 50 U.S. dollars per barrel from top to bottom.
British Petroleum CEO Tony Hayward said, because consumers will continue to face severe economic situation, the recent international oil prices will remain low.
Source: www.in-en.com May. 1, 2009
