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An oil company operating in the US Gulf of Mexico is planning to report its financial performance during the third quarter of 2020 (Q3-2020) during
An oil company operating in the US Gulf of Mexico is planning to report its financial performance during the third quarter of 2020 (Q3-2020) during which the average crude oil price was $40/bbl. The company's average volume of crude oil sales in Q3-2020 is 30% less than the volume reported at the same time last year (Q3-2019) during which the company reported net profits of $3.28 billion with an average volume of sales standing at 3 million bbl/day of crude oil. The company average operating costs stand at $20/bbl in both years. Estimate the average crude oil price during Q3-2019 and the net profits made in Q3-2020 The crude oil average price in Q3-2019 was $46. 15/bbl, and the company has made $2.78 billion net profits in Q3-2020 The crude oil average price in Q3-2019 was $26.15/bbl, and the company has made $3.78 billion net profits in Q3-2020 The crude oil average price in Q3-2019 was $36. 15/bbl, and the company has made $4.78 billion net profits in Q3-2020 The crude oil average price in Q3-2019 was $23.15/bbl, and the company has made $1.78 billion net profits in Q3-2020
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