Oil Crash Could Cost This Shale Giant Up To $9 Billion In Impairment Charges

Occidental Petroleum expects to book after-tax impairments of up to US$9 billion of its oil and gas assets in the second quarter due to the collapse in oil prices earlier this year, the company said in an SEC filing on Thursday. Like all other oil firms everywhere in the world, Occidental is struggling with the weak oil and gas prices, which impact the value of its proved and unproved oil and gas reserves.     “The impairment estimate is primarily attributable to the expected prolonged period of lower commodity prices…