Most of the world’s largest oil companies have cut research spending sharply since 2013 as they strived to save money in the face of the slump in crude prices, raising concerns about their ability to compete in a changing energy landscape. BP made the biggest cuts, reporting a 41 per cent drop in its research and development spending for 2013-15, in part because of its decision to stop work on advanced cellulosic ethanol. The other large western oil groups have mostly made cuts of 15-20 per cent, company reports show, with the exceptions of ExxonMobil of the US and Eni of Italy, which have cut by just 3 and 2 per cent respectively. The fall in R&D budgets prompted warnings that the companies were undermining their ability to develop more challenging oil and gas resources, or to invest in alternatives to fossil fuels. After the plunge in the oil price that began in mid 2014, most of the largest oil companies, with Eni the principal exception, pledged to maintain dividends. They have been cutting capital spending and operating costs to keep their borrowings under control.