OGJ Newsletter

02/11/2013
GENERAL INTEREST — Quick Takes Oxy reports impairment charge on gas assets Occidental Petroleum Corp. reported a $1.1 billion aftertax charge in the fourth quarter 2012, largely for impairments in its Midcontinent natural gas assets, executives announced during an earnings call on Jan. 31. Cynthia Walker, Oxy chief financial officer, said more than 90% of the impairments were related to gas properties acquired more than 4 years ago on average. "While the performance of the properties was generally as expected, natural gas prices have declined by approximately 50% since the acquisitions," Walker said. "Also in 2012, natural gas prices and NGL prices used for reserve calcul...
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