Big Oil: Burning Cash, Running Out Of Time Quickly – BAML

Europe's Big Oil sector is set to burn through approximately $20 billion of free cash flow during 2016, and the sector will require almost $10 billion of debt refinancing throughout the year according to a credit research note on the oil industry from Bank of America Merrill Lynch.

BoA's analysts estimate that in the prevailing sub-$60 oil price environment, Big Oil’s organic FCF will remain persistently negative, which gives the industry . . .

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