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

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.

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