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Since cancelling rig contracts would cost as much as finishing the projects, oil producers like...

Since cancelling rig contracts would cost as much as finishing the projects, oil producers like Chevron (CVX) and BP (BP) are stuck drilling offshore wells that cost over $200M each thanks to contracts signed when crude was over $140.
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Comments (2)
  • Stone Fox Capital
    , contributor
    Comments (7484) | Send Message
     
    thats why ATW is such a huge buy. Locked in long term contracts are huge money makers.
    10 Feb 2009, 02:14 PM Reply Like
  • maelstrom
    , contributor
    Comments (138) | Send Message
     
    Oil companies should understand "Oil Bubbles" better than anybody...Plus by the time the wells are operational the world will hopefully need the additional supply
    10 Feb 2009, 02:23 PM Reply Like
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