Oil Explorers Prepare for Another Year of Depressed Prices
- Shell, ConocoPhillips, Eni post combined $8.7 billion loss
- Writedowns wreak havoc on balance sheets across industry
Oil Rebounds From 2-Month Low
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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.
Royal Dutch Shell Plc, ConocoPhillips and Eni SpA reported $8.72 billion in combined third-quarter losses on Thursday 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. France’s Total SA was an outlier in reporting positive net income, albeit 69 percent less than a year ago.