USA OIL DOWN $15 BLN
North America's leading independent oil and gas producers reported large losses in the second quarter despite cutting costs and increasing output.
Ten of the largest independent oil and gas producers in the United States reported total losses of almost $15 billion between April and June, compared with profits of almost $3.5 billion a year earlier.
Three more independents remained profitable, but reported net income of only $66 million, down from more than $1 billion in the second quarter of 2014.
Of the 13 companies in the sample, 11 had increased…
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