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Oil Companies’ Modest Prize: Breaking Even

By SARAH KENT: April 2, 2017 8:00 a.m. ET

The world’s biggest oil companies are struggling just to break even.

Despite billions of dollars in spending cuts and a modest oil-price rebound, Exxon Mobil Corp., Royal Dutch Shell PLC, Chevron Corp. and BP PLC didn’t make enough money in 2016 to cover their costs, according to a Wall Street Journal analysis.

To calculate each companies’ free cash flow – the excess cash…

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