Report: Oil majors sold more assets in 2012 than 2011

01/17/2013 |

Energy majors acquired fewer assets than they sold in 2012, according to a report from Wood Mackenzie. This represents a turnaround from 2011, when major firms purchased $60 billion more in properties than they sold. "Oil companies make money when they go explore, drill and prove up," said Ed Hirs, an energy economics lecturer at the University of Houston.

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