Big Oil Is Bailing, and It's a Good Thing Too
I'm going to guess that if you were in a contract that paid a return of less than 1%, you would do the absolute minimum possible until that contract expired, right? That is exactly what Exxonmobil , BP and Total have done recently with their contracts with the Abu Dhabi Company for Onshore Oil Operations -- also called ADCO. These big oil companies just let their contracts expire with the company after years of not doing much in the region. And who can blame them? They were only getting $1 per barrel of oil in contracting fees anyways.
Tune into the video below to find out what this means for comapnies like BP and Total and whether it will make any significant impacts on your investments.
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The article Big Oil Is Bailing, and It's a Good Thing Too originally appeared on Fool.com.
Fool contributor Aimee Duffy has no position in any stocks mentioned. Fool contributor Tyler Crowe has no position in any stocks mentioned. You can follow them on Twitter @TMFDuffy and @TylerCroweFool, respectively. The Motley Fool recommends Total SA. (ADR). Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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