Even Big Oil Is Admitting Oil Prices WON’T Rebound Soon

Nah, as soon as we have happy with 1MDB, the prices will rebound. I say 3Q 2015. And the Chronicle copied the article verbatim, even the embedded ads. Did your reporter work for an oil & gas engineering house?

Dateline, 2015-08-02, Malaysia Chronicle:

Chevron acknowledged on Friday what the other major oil companies have been reluctant to say publicly: Cheap oil is here to stay, perhaps for years.

“We lowered our long-term price outlook,” Chevron Chief Financial Officer Pat Yarrington told investors during the company’s second-quarter earnings call. Although she declined to offer specifics, she suggested that the oil majors will just have to get used to low oil prices.

After Chevron and the other two U.S. “supermajors” — ConocoPhillips (COP – Get Report) and Exxon Mobil (XOM – Get Report) — reported disastrous earnings this week, they tried to appease investors with dividends and major spending cuts.

The most important factors for Chevron’s lowered price outlook, Yarrington said, were slow global economic growth — particularly in China — and abundant shale production in the U.S.

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