Oil companies spend riches on investors

Oil companies spend riches on investors
By Russell Gold and Chip Cummins
The Wall Street Journal
Posted on Sun, Oct. 31, 2004

With oil at nearly $51 a barrel, even after two consecutive days of declines, the oil giants have a problem lots of companies only dream about: What to do with all the cash?

If oil companies fail to find new reserves, they will eventually pump themselves out of existence. And the major companies have struggled to grow their production in recent years.

Posted on Sun, Oct. 31, 2004

Oil companies spend riches on investors

By Russell Gold and Chip Cummins

The Wall Street Journal

With oil at nearly $51 a barrel, even after two consecutive days of declines, the oil giants have a problem lots of companies only dream about: What to do with all the cash?

The seven largest Western oil companies are expected to generate $71.3 billion in free cash this year, and that is after funding $78.1 billion in spending for new oil and natural-gas projects, according to John S. Herold Inc., an oil consulting firm.

http://www.dfw.com/mld/dfw/business/10055525.htm?1c