One very good reason to be bullish on Oil

I mentioned mid December that I was bullish on oil, and I started to grow a position in various oil and oil-related commodities/stocks.

Now that the quarterlies season has started, here's what I've noted so far:

• BP: net loss of $3.3 billion in Q4
  
• Chevron: $4.9 billion in Q4 thanks to hedging
  
• Exxon: Big drop in profits in Q4
  
• Shell: Big drop in profits in Q4
  
• ConocoPhilips: net loss of $3.2 billion in Q4
  
• Valero: net loss of $3.3 billion in Q4
  

What is interesting here is not that Exxon, Shell or Chevron made money or even that their profits dropped, this is normal. What is very interesting, is that companies which didn't hedge their production made big losses. This means that the current prices are below the cost of production, and that huge losses like these are not sustainable. The consequence should be a major rise in prices of crude.

If you have seen some other major oil companies that I missed, please post a comment.