Oil’s ‘New Normal’ at $60 in 2-3 Years: Fadel Gheit Exxon Mobil Corp.’s biggest profit miss in at least a decade is the starkest sign yet that major oil explorers remain mired in the deepest market slump in a generation. After resisting the industry trend of discounting the value of oil and natural gas fields that turned into money-losers amid the 2 1/2-year market slump, Exxon capitulated on Tuesday and took a $2 billion hit on the value of some Rocky Mountain gas. Shares fell 2 percent to $83.16 at 11:03 a.m. in New York. For Exxon, it was the ninth-straight quarter of year-over-year profit declines, the longest such streak since at least 1988. The bleak result in Rex Tillerson’s final quarter at the helm was presaged last week when Chevron Corp. disclosed its first annual loss in at least 37 […]