Here is update on start of Oil Companies earnings reports for 4Q2008:
The COP earnings reported a $31.8 B 4Q08 loss (but shares are up because it is better than expected). Smaller Hess has reported a $73 MM loss and ExxonMobil & Chevron report earnings on Friday which are expected to be lower.
The bulk of COP write down is for lower oil prices due drop 70% from $147/B prices, also COP is writing off a large amount of “goodwill” ($25.4 B), and taking big hit for writing off it’s Lukoil assets ($7.4 B).
Regards
