Crisis Made Largest U.S. Oil Firms Book Highest Writeoffs Since 2015 ...Middle East

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Crisis Made Largest U.S. Oil Firms Book Highest Writeoffs Since 2015
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Due to the oil and gas price collapse last year, the 50 largest listed exploration and production companies in the United States booked a total of $66.6 billion in impairment charges—more than triple the previous high for 2015-2020 and the highest since 2015, EY said in a new report. After-tax losses at those 50 companies were $84.1 billion, the greatest loss for the study period and the first loss since 2016, according to EY’s estimates. Revenues also tumbled, by a cumulative 33 percent to $110.8 billion as a result of depressed commodity…

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