In a major blow to mindless punditry, all indications are that high oil prices and European debt crises do, in fact, matter to economic productivity, regardless of whether or not they come gradually, or with a big, flashy fireworks display.
The signs are all there, as two major international companies and key users of petroleum, Exxon Mobile and Dow Chemical, have experienced serious earnings contraction.
XOM, despite having higher revenues, saw an 11% drop in earnings, contributed to by lower production. Having gasoline demand on level with the late ‘90’s probably doesn’t help.
And Dow Chemical, faced with dropping revenues and lower profits, had to take a full 30% drop in earnings so that they could closure plants across the US, Europe, and Brazil, thanks to weak demand from Europe and higher input costs.
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In light of today’s GDP print, the data out of China, as well as the Spanish numbers, please revisit this post from yesterday.
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Think a big chunk of the XOM drop in production is due to the Production Sharing Agreements they have overseas. When oil prices get to a certain level they are required to allocate more production to the local governments.
Really? Did not know that; do you have a copy of one of these agreements? Or an example, I’d be interested to see how they’re worded.
Cain,
Not sure if this is exactly what you’re looking for but I stumbled upon this a little while back when I was researching oil companies.
http://www.imf.org/external/pubs/ft/bop/2011/11-17.pdf
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