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Oil firms slash spending, jobs as prices slide for second time

Chasing growth in this environment would make no sense: Anadarko Petroleum Corp

Published Fri, Jul 31, 2015 · 09:50 PM
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Houston

THE stark reality of a much-feared second dip in crude prices is prompting global oil majors and nimble US shale companies alike to axe spending once again a year after the first price crash started.

Just days into the second-quarter earnings season, Chevron Corp and Royal Dutch Shell plc said they would slash a combined 8,000 thousand jobs around the world.

In North Dakota, Whiting Petroleum Corp, the top producer in the No 2 US oil patch, cut its capital…

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