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BP reports quarterly loss of $4.4 bln amid oil price drop

2015-02-03 17:34:26| Energy - Topix.net

BP sounded a somber note on the oil industry Tuesday, saying producers may have to adjust to an extended period of lower prices, as the company reported a fourth-quarter loss of $4.4 billion and announced spending cuts. The London-based oil company followed Royal Dutch Shell and Chevron in curbing spending after the price of crude oil dropped about 50 percent last year.

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