(Bloomberg) Trailing 5-year change in percent value of WTI crude (orange) and the S&P Oil & Gas Exploration and Production Index (blue).

With crude prices at 11-year lows, the world’s biggest oil and gas producers are facing their longest period of investment cuts in decades, but are expected to borrow more to preserve the dividends demanded by investors.

Over $1 trillion in shareholder value has vaporated from the balance sheets of some of the largest oil and gas companies in the last 18 months. See spreadsheet compiled on 3 Jan 2016 of Equity Erosion in Oil & Gas Sector for lower-bound estimate based on market data from companies doing business in Houston, TX.

Read more: http://www.reuters.com/article/us-oil-companies-investments-idUSKBN0UH0AB20160103