Oil Asset Impairments Soar – Hit $100 Billion In 2015, Up From $23B In 2014 And $9.3B In 2013Rupert Hargreaves
2015 was the year of the write-off for energy companies. As oil prices collapsed, the value of reserves held by oil producers also declined and prospects that were viable with oil trading above $90 a barrel are now no longer economic.
With oil prices falling, the write-downs came thick and fast for the energy sector. Oppenheimer reports that during 2015 the top 30 publicly traded US-based exploration and production companies collectively booked $101 billion in asset impairments compared with only $23 billion of impairments during 2014 and $9.3 billion of impairments in 2013.
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