[Marxism] Immediate History....

Jon Flanders jonflanders at jflan.net
Sun Nov 20 18:56:10 MST 2005

> Replacement rates have met 100% of production for 11 consecutive years,
> and this despite ExxonMobil is dedicating more than half of net earnings
> to...share buyback rather than increased exploration activity.

I can read ExxonMobil press releases too.

I find the following a little more interesting.

EM Press Release 2000

"Production totaled 1.6 billion oil-equivalent barrels in 2000, up
slightly from 1999. Liquids production was 928 million barrels, and gas
production totaled 4.2 trillion cubic feet."

EM Press Release 2005

"Production totaled 1.6 billion oil-equivalent barrels in 2004.  Liquids
production was 935 million barrels, and gas production totaled 3.9
trillion cubic feet."

Actual production of the world's largest and most profitable oil
company, during a period of skyrocketing demand and prices for oil and
natural gas,  over the first four years of the 21st century, was flat.

Evidently their claimed reduced costs aren't helping them actually
produce more oil and gas. Maybe giving up looking decreases finding
costs??? Nicer to give that money back to stockholders. 

Oh, and this little item from Canada.

Oilpatch replaces nearly all 2004 production by record spending and
James Stevenson
Canadian Press

Thursday, November 17, 2005

CALGARY (CP) - Record spending of $33 billion along with an
unprecedented number of wells drilled enabled Canada's oilpatch to
nearly replace all the oil and gas that it produced in 2004.

Nearly.............like Walmart, they have to do
better than that, a lot better.

As to China, higher prices kicked in, reducing demand. Daiqing is in
decline, have they found another super giant like that? I am sure they
are drilling like crazy, they are now drilling offshore. What is that a
sign of???????? Why don't they drill more on land??? Should be plenty
more there if they just invest, right?

"However, for 2005, total exports likely will be higher than those of
2004, primarily because of the country's rising offshore oil production,
Wu said. During the first half, China exported 146,000 b/d of crude, up
18.4% from the same period in 2004."

Jon Flanders

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