The oil-soaked Permian Basin in West Texas, which had remained a favorite among U.S. exploration and production companies despite the prolonged crude slump, showed continued signs of weakness this week.
Crude prices tumbled below $30 a barrel on Friday as traders watched for signs Iran will pass a final regulatory test to put its oil exports back into oversupplied global markets.
An administration official says companies will continue to be able to mine the coal reserves already under lease.
‘”The dramatic fall in prices has led to the disappointing writedown,” Chief Executive Officer Andrew Mackenzie said.
Atwood Oceanics expects quarterly revenues to decline from the same time last year, and it may take a multi-million dollar impairment charge on another rig, as the lingering oil slump continues to batter offshore contractors.
Goodrich, which was trading below $1 a share for an extended period of time, was removed from the nation’s foremost stock exchange at the end of Wednesday for the “abnormally low” price levels.
The shipment was originally secluded to depart in late January.
The energy research firm’s dollar-figure estimate has nearly doubled since its first report on the matter last July, as oil prices crashed from around $60 a barrel in the summer to about $30 a barrel this week.
The U.S. Chemical Safety Board report called the incident a “serious near miss” and accused Irving-based Exxon Mobil of not properly following its safety procedures at the Torrance refinery near Los Angeles.
Continental Resources said all employees have been accounted for and are safe and that the cause of the fire is unknown.