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Oil companies slash spending, jobs as prices slide for second time

The stark reality of a much-feared second dip in crude prices is prompting global oil majors and nimble U.S. shale companies alike to ax spending once again a year after the first price crash started.

Just days into the second-quarter earnings season, Chevron Corp (CVX.N) and RoyalDutch Shell Plc (RDSa.L) said they would slash a combined 8,000 thousand jobs around the world.

In North Dakota, Whiting Petroleum Corp (WLL.N), the top producer in the No. 2 U.S. oil patch, cut its capital expenditure budget days after optimistically raising it 15 percent on bets the renewed downturn in prices would be a temporary blip.

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