From The Wall Street Journal:

Slumping oil prices are pushing another big European utility to pull back from pumping petroleum, the chief executive of Britain’s biggest energy supplier, Centrica PLC, said Thursday.

Centrica has started the process of selling oil and natural-gas assets in western Canada, where it partners with Qatar Petroleum, and is cutting jobs and costs across the business. The pullback is part of a plan to focus Centrica on its more profitable residential energy supply and services division, Chief executive Iain Conn said.

Last year “was a very challenging year for us, mainly because of the collapsing commodity prices,” Mr. Conn said on a conference call with reporters.

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