Oil and gas producers worldwide are bracing for a prolonged downturn, with job losses and investment cuts spreading through the industry, according to a new report from Financial Times. ConocoPhillips, Chevron, and BP have all announced large-scale layoffs, while others are shelving or selling projects to conserve cash. “This isn’t just a Conoco problem,” said Kirk Edwards of Latigo Petroleum. “It’s a flashing red warning light for the entire US oil and gas industry.” FT writes that the sector is under p ...