Oil prices are down but oil execs are optimistic
Although oil prices are down 10 percent in the past month Bloomberg finds that oil executives are optimistic and increasing capital expenditures this year. The optimism may indicate their faith in Trump to deregulate the industry and boost U.S oil and gas explorations and production.
Here's what some CEOs had to say about the coming year's outlook:
- Halliburton: "In 2Q...customer animal spirits were back in North America. Last quarter...these animal spirits were alive but somewhat caged up. Now these animal spirits have broken free and they are running."
- BP: "2017 is one of the largest years for commissioning new major projects in our history."
- Ecopetrol: "Investing in exploration will be more than doubled...from $250 million last year to $650 million. [This] will get reflected in a total of 17 exploratory wells to be drilled vs. seven last year."
- Schlumberger: "Recovery is on its way in all markets.''