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Ouch. Oil companies lose whopping $67 billion

from CNNMoney

The crash in crude oil prices caused a stunning $67 billion in combined losses by 40 publicly-traded U.S. oil producers last year, according Energy Information Administration research. And the bleeding is expected to continue at least early this year for many. The losses surpassed $1 billion each from struggling oil companies like EOG Resources, Devon Energy and Linn Energy as well as SandRidge Energy, the shale oil driller that recently admitted it's exploring a bankruptcy filing. more


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