29.10.2015 - Oil Explorers Prepare for Another Year of Depressed Prices
The biggest oil explorers to post earnings so far are bracing for another year of deep spending cuts as the slump in energy markets shows no signs of abating. Occidental Petroleum Corp., Anadarko Petroleum Corp. and Hess Corp. reported third-quarter losses as sliding crude and natural gas prices choked cash flow, halted drilling projects and exacted billions of dollars in writedowns as once-prized oil fields dwindled in value. Norway’s Statoil ASA and U.K.-based BP Plc also are trimming spending. For the $1.9 trillion-a-year oil industry, the bad news is just beginning. ConocoPhillips, the third-largest U.S. crude producer, is expected to post its first third-quarter loss in more than a decade on Thursday...............................................Full Article: Source
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