Here is some good news

[vandybuff]

Exxon said recently that they soon can make a 10% gross profit from Permian oil at $35/bbl.  Life is good.

[woodrow hog call]

That does sound good. Did they say what their net would be, or is that somewhat dependent on where it goes to a refinery at?

[Biggus Piggus]

Gross profit is after the cost of production. Refinery margin is different. That's an impressively low cost of production. It's the Permian; oil sands might have a $40-60/bbl cost of production.

[onebadrubi]

Exxon said recently that they soon can make a 10% gross profit from Permian oil at $35/bbl.  Life is good.

Got a link by chance?

That is really really low, but not all that suprising to me.  This last oil boom round that started almost 2 years ago, the rumors in the industry was money could be made at 40-45/bbl.  We peaked at or around 75 for a very short while, I really thought we would see 80-90 but it didn't get there and doesn't look like it will.

[ricepig]

Got a link by chance?

That is really really low, but not all that suprising to me.  This last oil boom round that started almost 2 years ago, the rumors in the industry was money could be made at 40-45/bbl.  We peaked at or around 75 for a very short while, I really thought we would see 80-90 but it didn't get there and doesn't look like it will.

It's my understanding that when they hit sprinkles, it brought the cost/bbl way down.

[vandybuff]

Makin me work, I see.

ExxonMobil's investments in the Permian basin are expected to produce double-digit returns, even at low oil prices. At a $35/bbl oil price, for example, Permian production will have an average return of more than 10%.

== from ==>  world oil - march 05, 2019.  https://www.worldoil.com/news/2019/3/5/exxonmobil-to-accelerate-permian-production-by-80

[vandybuff]

It's my understanding that when they hit sprinkles, it brought the cost/bbl way down.

+1 .... isn't that a cute ad?  'I got cones'.  hahahaha!