(Bloomberg) -- European oil majors have tightened their belts to make more cash in the first half of this year, when Brent averaged $52 a barrel, than they did in the same period of 2014 when prices were $109, according to a research note by Goldman Sachs Group Inc. In fact, companies generated enough cash from operations to cover 91 percent of their capital expenses and dividends in the second quarter. The trend suggests that big European energy firms are close to being able to fund payouts with business-generated revenue instead of new stock, the report said.
To contact the reporter on this story: Dan Murtaugh in Singapore at dmurtaugh@bloomberg.net.
To contact the editors responsible for this story: Sophie Caronello at scaronello@bloomberg.net, Nancy Moran, Abhay Singh
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