Oil Industry's Plan to Keep Investors Happy: Borrow More Money
- BP's net debt increased by almost $5 billion last year
- Oil majors facing credit ratings cut as crude prices fall
What’s Behind Oil and Stock Connection?
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The world’s largest oil companies have a plan to weather the worst market in over a decade: borrow more money.
Major oil companies faced with the lowest crude prices since 2003, capital spending budgets with little left to cut and strong commitments to their dividends will have to take on billions in debt this year as they await a market rebound.