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US oil explorers to report 2015 losses worth $14 billion

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 27, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - As per Bloomberg report, the US oil explorers are expected to report 2015 losses totaling almost USD 14 billion due to the slide in oil price.

    Hess Corp was the first to report sharp losses yesterday. The company reported USD 1.82 billion loss for the fourth quarter and USD 3.06 billion for the year, its first annual loss since 2002 and also reduced its estimate of proved oil and gas reserves by 24%.

    Next likely candidates to post sharp losses are Murphy Oil Corp. and Anadarko Petroleum Corp. Anadarko is expected to post a USD 6 billion loss for last year, while Occidental Petroleum Corp. is expected to post full-year loss of USD 2.74 billion.
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