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Brent Under $40: Bad News for Big Oil

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By SARAH KENTDec 8, 2015

Shell has slashed $11 billion from its capital spending and operating costs this year. The company said in July that it would cut 6,500 jobs and in October abandoned a major oil-sands project in Western Canada.

The company posted a loss of $6.1 billion in the third quarter, after taking a $2 billion charge for scrapping the project and recording impairment charges of nearly $4 billion as a result of the weaker oil and gas price outlook.

They may have to cut deeper if oil prices stay at or below $40 a barrel…

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