Oil companies are cutting investment, slashing jobs and selling off pipelines and other assets as crude prices plunge.

“It’s going to be a very turbulent year for our industry,” says BP CEO Bob Dudley. The latest warnings came from Exxon Mobil, which reported Tuesday that fourth-quarter earnings fell 58 percent in the oil giant’s weakest quarter since 2002. The results were even worse at BP, which posted a 91 percent decline in profit.