[marek]

$this->bbcode_second_pass_quote('', 'B')orn from the megamergers of the 1990's, the world's giant oil companies have delivered on their promise. They have cut costs, increased returns and raised profits to records. Now, flush with cash, they find themselves in a paradoxical position - they are making more money than they can comfortably spend. [...] But even as fears of shortages grow throughout the world and prices remain high, the cash-rich oil companies are not pouring a large portion of their money into their basic business: drilling for oil. Indeed, oil executives, in their second straight year of rising profits, are finding that too much money is chasing too few oil fields. Instead, they are giving much of their cash back to shareholders.

[challenge]

I agree it is highly increadible to return the profits to the investors. I think money might be better invested into the TREC initiatives that Europe, North Africa and the Middle East are making, using smart combinations of CSP's and other sustainable techniques. http://www.trec-eumena.org/documents/am ... r_1410.pdf

I am interested of similar plans are made for the US and the far east?

Regards, Martien the Netherlands

[marek]

BP has begun to refer to itself as "Beyond Petroleum." Indeed, they have been investing a lot in solar technology (the same is true for Shell). Still, given the money that they have, I would expect more interest in renewables.

[mindfarkk]

looting the vault while the getting is good

[JayHMorrison]

$this->bbcode_second_pass_quote('mindfarkk', '
')$this->bbcode_second_pass_quote('', 'I')nstead, they are giving much of their cash back to shareholders.

[BabyPeanut]

ibid (NYT above)
$this->bbcode_second_pass_quote('', '"')We're a cyclical business," David J. O'Reilly, chief executive of ChevronTexaco, the second-largest American oil company, said in a telephone interview, "and at the high end of the cycle it makes sense to get the company in good shape and strengthen our balance sheet.

"History tells us that what goes up also goes down."

[ernest]

Big Oil in the states is looking for little companies to buy, cheaper than drilling. Returning the money to the investors is what companies are supposed to do.

[brentmeister]

And now with Russian fields off the menu thanks to Putin's recent announcement, the Seven Sisters (or five, or three, or whatever it is today) have even less attractive oil prospects to invest in. So it's like Captain Sensible Don Coxe has been saying all year.... they're gonna buy up the oil sands! It's the only way that they can substantially increase their reserve life indicies. Buying up all the mid-tier co's can only get them so far.

[BabyPeanut]

$this->bbcode_second_pass_quote('ernest', 'B')ig Oil in the states is looking for little companies to buy, cheaper than drilling. Returning the money to the investors is what companies are supposed to do.