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Bob Dudley

Oil industry cutting jobs, investment to offset lower prices

Oil companies are cutting investment, slashing jobs and selling off pipelines and other assets as crude prices plunge.

"It's going to be a very turbulent year for our industry," says BP CEO Bob Dudley.

The latest warnings came from Exxon Mobil, which reported Tuesday that fourth-quarter earnings fell 58 percent in the oil giant's weakest quarter since 2002. The results were even worse at BP, which posted a 91 percent decline in profit.

Those reports follow Chevron Corp.'s first money-losing quarter in more than 15 years and Royal Dutch Shell's warning that its 2015 profit fell sharply.

Even with a big glut of oil and low prices, producers are...