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Debt-laden oil majors retreat amid rally

Debt-laden oil majors retreat amid rally

The wreckage of 2020 still looms large in the boardrooms of Big Oil as executives last week laid out deep spending cuts and plans to repay stubbornly-high debt even as crude rallies to the highest in more than a year.

Royal Dutch Shell on Thursday added itself to the growing list of supermajors to post disappointing fourth-quarter results. Like many of its peers, the Anglo-Dutch company reported weak cash flow and net income that fell short of expectations.

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