Oil Companies Struggle to Increase Output
By Andrew Callus and Anna Driver
(Reuters) – The world’s top oil and gas companies are struggling to improve output and failing to capture the full value of a resilient price for crude oil while weak gas prices in the United States take their toll.
Third-quarter results from Exxon Mobil (XOM.N), Royal Dutch Shell (RDSa.L) and other top international players released over the past few days mostly beat expectations thanks to a shortage of the fuels and other crude-oil based products they make.
That widened the gap between fuel prices and crude oil, lifting margins in the downstream part of the business.