Point of View: Devon CEO: High crude prices likely to linger

10/25/2004
The "simplistic assumption" that crude prices eventually will fall back "to where they used to be," around $25/bbl, is likely "invalid" in today's market situation, said J. Larry Nichols, chairman and CEO of Devon Energy Corp., Oklahoma City."The [price] model that I think a lot of people have, which is certainly a valid one if you look [only] at the last 5-10 years, is that we're going to have very moderate prices that on occasion will spike up for a very brief period of time when we have a difficulty like the Iraqi invasion of Kuwait, and then after a few months will come back down to a more reasonable level," he said. However, Nichols said, "Now so much of the surplus [world pr...
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