Feb 7, 2017
Oil majors try to keep their balance
On Tuesday, two other denizens of chilly environs found themselves slipping in opposite directions, because of such an imbalance: the oil majors Statoil and BP. Both revised the break-even oil price - or, to use BP's preferred wording, the balancing point between sources and uses of cash - for their new oil projects. As a result, the oil price at which its capex and dividend commitments will be balanced by operating cash flow rises to $60 a barrel at the end of this year, up from $55 at the end of 2016. Seven years ago, Bunder was hailed as the most dazzling diamond discovery in India in 30 years. Having failed to find a buyer, Jean-Sébastien Jacques, Rio's unsentimental chief executive of a year, is giving the asset away for free. Three years ago, as boss of Rio's copper division, he handed the Pebble project in Alaska, which had become mired in environmental disputes, to charity.
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