The oil majors are waking up to blockchain possibilities. From oil majors like BP and Shell to smaller innovators like Petroteq, the massive potential is set to be unlocked in the oil and gas industry through the innovative use of new technology.
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The big five oil companies remained profitable despite steep dip in oil prices, making $16.4 billion in the last quarter of 2014 and $89.7 billion for the entire year.
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The 2013 profit totals are in for the big five oil companies — BP, Chevron, ConocoPhillips, Exxon Mobil, and Shell. Their financial reports indicate that they earned a combined total of $93 billion last year, or $177,000 per minute. (see Table 1) After years of oil production declines, the big five oil companies actually increased their total production* in 2013, …
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