(Bloomberg) — Occidental Petroleum Corp. reported a $6.6 billion writedown in the second quarter, equivalent to more than 40% of its market value, as the collapse in energy prices took its toll on the debt-laden U.S. shale oil producer.More than two-thirds of the impairment was to account for the lower value of its domestic onshore acreage, with the remainder in the Gulf of Mexico and overseas, the Houston-based company said Monday in a statement. The shares fell 3.6% at 5:02 p.m. in after-market trading in New York.Occidental is not alone is taking large impairments after the Covid-19 pandemic crushed demand …read more
Source:: Yahoo Finance
