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

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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