The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

A Conoco Phillips refinery on the U.S. Gulf Coast.
A Conoco Phillips refinery on the U.S. Gulf Coast.
(J.P. MOCZULSKI/REUTERS)

SUBSCRIBERS ONLY

Record crude prices still can’t fuel oil giants’ profits

Record crude prices are no longer enough to keep oil producers’ profit going up. ConocoPhillips and Occidental Petroleum, the top two U.S. exploration and production companies, both reported 2012 core profit down more than 15 per cent from 2011 while oil prices went up. The main reason – high production costs – is a worry for investors and suggests the floor under oil prices is rising.