40 U.S. oil companies write down $48 billion in assets after the oil price crash
The latest statistics released by the U.S. Energy Information Administration (EIA) on Monday showed that shortly after the oil price plummeted, 40 listed oil production companies in the United States wrote down a total of $48 billion in assets in the first quarter of this year.
According to EIA's analysis of publicly filed financial statements compiled by data provider evaluate energy company, the above-mentioned 40 listed oil companies produced 6.1 million barrels of crude oil and other liquids per day in the United States, accounting for approximately 30% of the total US liquid production in the first quarter. .
The 40 listed oil companies include Occidental Petroleum, Apache, Concho Resources, ConocoPhillips, Eoge Resources, Marathon Petroleum, Noble Energy, Parsley Energy, and Whiting Oil And Extraction oil and gas companies.
According to EIA estimates, these 40 oil companies, which accounted for about 30% of total US liquid production, had at least the largest asset impairment in the first quarter of this year since 2015.
In June, Occidental Petroleum alone warned that due to the sharp drop in oil prices earlier this year, it is expected that the after-tax loss of its oil and gas assets in the second quarter will be as high as 9 billion US dollars.
A recent study from the Deloitte Accounting Firm pointed out that the collapse of prices, economic slowdown and collapse in demand in the second quarter may prompt shale drilling companies to damage or write down the value of their assets by as much as US$300 billion. Significant damage occurred. Deloitte said that the debt of some oil companies may become unsustainable, which will lead to a chain reaction of industry bankruptcy and mergers.