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.
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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.
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.
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).