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