Big Oil on stronger ground, poised for rebound
If crude prices stay above US$40 a barrel, dividends and stock prices of US oil majors should be secure
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New York
BIG Oil is clawing its way back. After a heart-stopping plunge in the price of crude over the last two years, along with slashed dividends and the elimination of tens of thousands of jobs, the biggest oil companies are proving surprisingly adept at again pumping profits, as well as oil, out of the ground.
Indeed, with oil trading in a range of US$40 to US$50 a barrel for most of 2016, experts say the biggest energy producers are poised to rebound if prices remain stable.
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