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Unformatted text preview: but the oil price increases were so high that they not only covered for the costs but increased profits by a great margin. Another cause for the increase of the two companies resides in the power of the firms that sell oil. Since there are so few major sellers of crude oil other countries have to act as price takers and accept the prices. Fontevecchia, Agustino. “Less Production, Higher Prices A Winning Equation For Conoco and Hess-Forbes.com. “ Forbes.com-Business News, Financial News, Stock Market Analysis, Technology & Global Headline News. 17 Oct. 2010. Web.17 Nov.2010. <http://www.forbes.com/2010/10/27/earnings-conoco-hess-equities-markets-oil.html.>...
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- Spring '11
- OPEC, Generally Accepted Accounting Principles, Price of petroleum, ConocoPhillips