Oil companies’ profits hit by quest for crude price exposure

April 13, 2015 12:39 PM

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LONDON (Reuters) - The drop in big oil companies' profits in the past eight months isn't just a function of lower crude prices – it also reflects strategic choices.

A Reuters examination of corporate filings by some of the biggest players in the industry, including BP (BP.L), Shell (RDSa.L) and France's Total (TOTF.PA), shows the sensitivity of these companies' earnings to changes in oil prices has risen in recent years.

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