Oil firms face further cuts as low prices linger
Oil firms face further cuts as low prices linger
Commodities | Fri Apr 24, 2015 12:23pm BST
* Big oil using spending cuts to increase efficiency
* Q1 earnings set to drop by more than 50 pct, tracking oil price
* Strong refining margins set to continue
By Ron Bousso
LONDON, April 24 (Reuters) – Oil majors may need deeper cuts to oil and gas exploration and production spending as they grapple with an extended period of low crude prices.
The industry is expected to reveal another set of grim earnings for the first quarter when benchmark Brent prices averaged $55 a barrel, almost half the level of a year ago.
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