22.03.2016 - Does a $5 price change affect oil companies?
Swings in oil prices have fueled investors to bet the farm, with some calling for $18 crude and others for $50 by year-end, but a $5 difference in the oil market means big money, according to John Christmann, CEO of Apache. "Every $5 move in the oil price means about $450 million in cash flow to us, so it absolutely makes a difference," he told CNBC's "Power Lunch" on Monday. Market volatility has encouraged the exploration and production company to cut costs and reduce its rigs drastically, having gone from 93 to four drilling rigs, as of recent...............................................Full Article: Source
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