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HOUSTON — Despite contributing to multibillion-dollar profits in recent quarters, record crude prices are not helping big oil companies on many fronts, including efforts to find more fossil fuel, ConocoPhillips chief Jim Mulva said.
Mulva told shareholders Wednesday that the spike in crude prices has drastically raised the tab to do business in the oil field. A barrel of oil that might have cost $20 or $30 to find, produce and transport in the past may now cost the company $70 or $80, he said.
“High oil prices have not been our friend,” he said.
ConocoPhillips reported a $4.14 billion profit in the first three months of 2008, up 17 percent from a year ago. The Associated Press
