Easwaran Kanason

Co - founder of NrgEdge
Last Updated: August 19, 2016
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Business Trends
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A rally that pushed international crude-oil prices above $50 a barrel on Thursday is a welcome sign for many energy companies, but not enough to kick-start an industry in the midst of a two-year slump, executives said.

The rebound isn’t enough yet to solve the problems of even the biggest and most resilient oil companies, The Wall Street Journal reports.

It won’t be until next year that BP PLC plans to generate enough cash to cover its capital spending and dividend payouts—with oil prices at $50 to $55 a barrel, even after a series of huge cost cuts. Exxon Mobil Corp. has said it would be in a similar position next year at $40 to $80 a barrel and Chevron Corp. has said it would balance its cash generation and spending at $52 a barrel next year—after as much as $5 billion in asset sales.

The length of the downturn has forced oil companies to slash around $1 trillion in spending on new oil and natural gas output from the shale fields of Texas to the deposits in the North Sea, according to energy consultancy Wood Mackenzie—a factor that is expected to lead to an eventual big drop in oil supplies and higher prices, executives and analysts say.

Oil prices are likely to continue recovering into 2017 as supplies tighten. But that recovery is still fragile and the path ahead is rocky, Selina Williams reports.

The volatile recovery ties in with the view that many big oil companies have touted over the last few months: that the massive oversupply that sent prices crashing would fade in the second half of the year, allowing the market to tighten as storage tanks are gradually drained.

Earlier this week, Robin Watson, CEO of oil-services company Wood Group PLC, said the end of low oil prices could be in sight. “It certainly feels like we’re around the bottom,” he said.

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