EnergyWatch

US oil giant impairs value by USD 6-9bn

The oil crisis comes at a particularly unfortunate time for Occidental, after the group in 2019 acquired competitor Anadarko for USD 55 billion.

Photo: STEVE NESIUS/REUTERS / X02008

Major US oil outfit Occidental Petroleum has decided to impair its value by USD 6-9 billion after taxes due to the low oil prices, writes Financial Times.

Since the turn of the year, the price of West Texas Intermediate crude has dropped by more than 35 percent to USD 39.04 per barrel, and, along the way, it's gone all the way into the negative, when a combination of a price war, decimated demand due to corona crisis shutdowns and fear of over-filled stockpiles in the US for one day had the WTI future at USD -37.63.

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