The cost structure at big oil companies has grown dramatically, Jim Chanos says, with the cost...

|By:, SA News Editor

The cost structure at big oil companies has grown dramatically, Jim Chanos says, with the cost of finding a marginal barrel "up and rising - a very, very negative trend." Singling out Exxon Mobil (XOM -0.8%), "it’s still not generating enough cash to cover all its cash needs," he says. "There’s a reason the stock has lagged despite its being the bluest of blue chips."