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1、TEXTONEAstheoilpriceclimbedtowards$100abarrelduringthepastfewweeks,bigWesternoilfirmswerereportingtheirresultsforthethirdquarter.Recordoilprices,itturnsout,donottranslateintorecordprofits.Oilisnowclosetoexceedingtherecordsetin1979ofbetween$100and$110,
2、dependingonhowyouadjustforinflationandwhatbenchmarkyouuse.Yetalmostwithoutexception,bigoilfirms1profitsarefallingfromthepeaksreachedlastyea匚ExxonMobil,forexample,reporteda10%dropinprofitsinthethirdquarter,andBP'sfellevenmoresharply.ProfitsalsofellatCh
3、evron,ConocoPhillipsandEni.TheyroseatTotalandRoyalDutchShell一butonlythankstoexchange-ratefluctuationsandone-offassetsales.AnalystsatCitigroupcalculatethat,measuredindollars,thebiggestoilfirms1earningsfellby15%onaverage.Tobefair;theoilpricehassurgedmos
4、tdramaticallysincetheendofSeptember;althoughitwasalsobuoyantinthethirdquarte匚Themajors"poorshowingalsoreflectslowerprofitsfromrefining,asthedifferenceinpricebetweenpetrolandcrudeoilhasfallenfromtheexceptionallyhighlevelsofrecentmonths.Butthefactremain
5、sthatoilgiantsarestrugglingtopumpmoreoilandgas.Inpart,thisisduetoaquirkoftherulesthatobligeWesternoilfirmstosharethecrudetheyproducewithstate-ownedoilfirmsinmanycountries.Thecontractsinquestionoftenstipulatethatasthepricegoesup,thevolumeofoiltheforeig
6、nersreceivedecreases.^Worse，severalcountriesarechangingcontractsortaxrulesinwaysthatwillfurthererodetheWesternoilfirms'profits—andinsomecasesarethrowingthemoutaltogethe匚Risingcostsarealsoaproblem.Exxon,whichisknownforitsstringentfinancialdiscipline,sa
7、wcostsrisealmosttwiceasfastasrevenueinthethirdquarter.Theshortageoflabourandequipmentthatisfeedingthisinflationisalsocausingdelaystonewprojects.Andtherearenotenoughnewprojectsinthepipeline.TheInternationalEnergyAgencyreckonsthattheexpansionplansoftheb
8、igWesternandstate-ownedoilfirmswillleavetheworld12.5mbarrelsperdayshortofrequirementsin2015.Despitethisloomingdeficitandtheglaringpricesignal,allthebigcompaniesexceptTotalproducedlessoilandgasinthethirdquarterthantheydidinthesameperiodlastyear
