ANALYSIS: Oil companies spending money on investments instead of new resources

Monday, July 21, 2008 | 5:48 p.m. CDT; updated 4:53 p.m. CDT, Tuesday, July 22, 2008

HOUSTON — As giant oil companies such as Exxon Mobil and ConocoPhillips get set to report what will probably be another round of eye-popping quarterly profits, just where is all that money going?

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