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

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Writeoffs are inevitable as predictions of future cash flow have fallen along with prices of oil and gas.

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