Big oil companies must decide whether to risk upsetting investors by cutting dividends, or take on big debt in the hope that oil prices will soon recover. Bloomberg News For years, big oil companies have been spending more money than they bring in. With oil prices down more than 50% since last June, that is becoming an ever trickier way to run their businesses. The cost of developing new fields has ballooned over the past decade, while investors have kept pressing for high dividends. The result: Companies have spent more on capital costs and mollifying investors than they reap in cash flow. Now, companies including Exxon Mobil Corp. , Royal Dutch Shell PLC and BP PLC must decide whether to risk future earnings by cutting developments, risk upsetting investors by cutting dividends, or take on big debt in the hope that oil prices will soon recover. The big […]