Writedown

Plains All American Oil Demand Outlook Clouded by Coronavirus, but Early Signs of Price Recovery

Plains All American Oil Demand Outlook Clouded by Coronavirus, but Early Signs of Price Recovery

Drilling cuts and producer shut-ins amid historically weak oil demand forced Plains All American Pipeline LP to write down the value of its assets and swing to a steep first quarter loss.

May 6, 2020

BHP Taking $2.8B Charge Against U.S. Onshore Assets

BHP Billiton Ltd., whose U.S. onshore portfolio has been slammed by misfires for more than two years, on Wednesday said it expected to write down $2.8 billion pretax, mostly for a natural gas-focused field in the Eagle Ford Shale.

July 16, 2015

Loews’ E&P Reports Large Writedown Losses

Loews Corp., nicked by a writedown in its HighMount Exploration & Production LLC subsidiary’s proved natural gas reserves, as well as losses from its CNA Financial subsidiary, reported a loss from continuing operations for 2008 of $182 million, or a loss of 38 cents/share, compared with income from continuing operations of $1.6 billion, or $2.96/share, in 2007.

February 10, 2009

Shell Pays $90M to Settle Shareholder Lawsuit for Overbooking Reserves

Royal Dutch Shell agreed Tuesday to pay $90 million to settle a U.S. lawsuit brought last year by pension holders following the company’s writedown for overbooking oil and natural gas reserves over a five-year period (see Daily GPI, May 25, 2004).

July 13, 2005