Europe’s Oil Titans Are Latest Shale Victims Amid Rout
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The U.S. shale-oil industry has made another enemy: Europe’s largest crude explorers.
Standard & Poor’s Ratings Services revised its outlook to negative for Royal Dutch Shell Plc, Total SA and BP Plc as the oil-market rout driven by weakening demand and a flood of supply from American shale fields threatens cash flow into 2016.