Part of the reason (companies are having trouble adding real reserves) is that there has not been an elephant discovery -- one over a billion barrels -- for 15 years.
More Quotes from Fadel Gheit:
The bulk of the replacement in the last three years was through acquisitions. The easy oil has been discovered.Fadel Gheit
Given the current market fundamentals we expect average prices for both oil and gas this year to be significantly above 2005 record levels. As a result, we expect 2006 earnings to be above 2005 record levels.
Fadel Gheit
Obviously, if they had cut production more, prices would have probably moved higher, and that would have curtailed economic growth, ... They want to make sure they will not be blamed for any economic slowdown in the second half of this year.
Fadel Gheit
It was like a very long dream, and we're finally waking up. Gasoline by any measure is still very, very inexpensive compared to anywhere.
Fadel Gheit
Lee Raymond really set the standard for other CEOs in the industry. Everybody else copied Lee Raymond, but you can't duplicate what he's done.
Fadel Gheit
Right now it's a squeeze play for oil industry, ... But if they can get by from here to February, I think the coast is clear.
Fadel Gheit
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