Occidental to take writedown of up to $9bn as low oil prices bite

FINANCIAL TIMES đź”’| Occidental Petroleum said it would write down the value of its oil and gas assets by up to $9bn as the heavily indebted company prepared for a lengthy period of weak crude prices.

The US’s biggest onshore oil producer said on Thursday that it anticipated recognising an after-tax impairment charge of between $6bn and $9bn in its second-quarter results. 

Analysts have said they expect a wave of such impairments by oil producers reaching up to $300bn this year as they contend with the fallout from the worst oil-price crash in decades.

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