However, Rio Tinto shed its holdings in oil, chemicals and cement in the 1980s, and Billiton later followed suit.

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Murphy Oil will shed its lower-margin refinery and retail business.

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No wide swings means no way is oil going to shed 50 percent of its value next year.

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Hess has become the latest large-cap oil company to announce plans to shed its refining and downstream business to focus on high-margin exploration and production.

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