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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: Keith Feral who wrote (136085)6/24/2010 11:25:12 AM
From: CommanderCricket2 Recommendations  Read Replies (1) of 206326
 
Keith,

Have you considered how much BP is earning downstream? Last I looked refinery margins weren't so hot.

It's dangerous to look at only upstream and say 40% return is great. Additionally, what is it going to cost BP to replace those lower cost legacy bbls?

This is the crux of the problem for majors. Profitable now while they eat their past, but scary when you look at the costs to replace these cheap bbls.
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