May 5, 2011

Eike Batista, 8th richest man in the world, and his 'idiot-proof' oil assets

The difference between us is really being in the shallow waters of Brazil. So, shallow waters implies low cost production which is spectacular. If oil is today $120, $18 [cost per barrel extracted] is an 85% EBITDA margin. We call it 'idiot-proof assets.'

~Eike Batista, chairman and CEO, EBX Group, CNBC interview, May 4, 2011

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