Oxy will write down $9 billion on its assets in the 2nd quarter. This is the 3rd consecutive quarter of asset writedowns. The $9 billion will represent nearly half of Oxy's total market capitalization.
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Many other companies are doing it, and even Exxon is considering it, and they have not done that in a long time.
VH is that you? Reminder, you're 50 billion in the hole in lost shareholder value
Agreed, why not write down the asset values while the stock has already taken a massive beating. If oxy can make it through all of the bad right now, they will be well positioned for the future. It's hard to hear bad news after bad news that never seems to end, but the path the company is going down seems to be favorable for long term survival and to enhance shareholder value.
Management is acting in a responsible manner by writing down asset values through impairment and also by restructuring debt. If the oil price stays up the company will be fine In the near term but not highly profitable.
ahead of the issues of write downs
The leaks on this ship is taking on more water everyday
All those over priced and underperformed Anadarko properties we bought.