The Business Times
The Business Times
Subscribe
Share on FacebookShare on TwitterView more
The Business Times
Create a free account with Business Times for seamless access across SPH Media products.
REGISTER
LOGIN

Companies & Markets

SUBSCRIBERS

Energy firms write down US$6.5b, with more to come

Published Sun, Oct 25, 2015 · 09:50 PM
Share this article.

New York

THE oil and gas industry's earnings season is barely underway, and already there's been US$6.5 billion in writedowns.

Last Thursday, Freeport-McMoRan reported a US$3.7 billion charge for the third quarter, while Southwestern Energy - which has a market value of US$4.5 billion - booked US$2.8 billion. And that's just the beginning. Barclays plc estimated in an Oct 21 analysis that there could be US$20 billion in charges among just six companies. Southwestern's writedown was double Barclays' forecast.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Energy & Commodities

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here