BPT is the latest in a succession of writedowns popping up...

BPT is the latest in a succession of writedowns popping up almost daily as commodity prices keep falling.

From the Oz:
Oil and gas explorer Beach Energy will book a non-cash impairment of almost half-a-billion dollars in its accounts for the second half after writing down a number of its assets, partly reflecting the sustained low-oil price environment.
The Adelaide-based company said today it would be logging non-cash impairment charges of $449 million after tax after writing down the value of its Cooper Basin and Egyptian interests.
Beach said it revised the reserves and the impact of the operator’s development plan on its Delhi interest, and wrote down its Nappamerri Trough natural gas project after the exit of joint venture partner Chevron from the operation.
Meanwhile, its Egyptian assets took a $174m impairment to reflect the expected net proceeds the firm expects to receive on completion of the sale of the assets.
Beach sold its 22 per cent interest in the Abu Sennan block and 25 per cent stake in the El Qa'a concession in Egypt to UK-listed Rockhopper Exploration for $US22m.
“It is important to bear in mind that the full year impairments have no cash impact and do not affect Beach’s underlying business," acting chief executive Neil Gibbins said.
New managing director Rob Cole has stood down for family reasons ahead of the group's full year results, which will be released on Monday.
Beach has been fighting to shore up its balance sheet in the face of persistently low oil prices over the last year. The price of oil remains mired at six-year lows.
"The reduction in asset values partly reflects the sustained low oil price environment," Mr Gibbins said.
"Despite sustained low oil prices, the benefits of this approach are already being seen, with our enviable financial position and continuing strong operational performance.”
Beach has slashed its investment budget by up to 42 per cent over the coming year, as it defers low priority developments in the fight against dwindling global oil prices.

http://www.theaustralian.com.au/bus...s-449m-writedown/story-e6frg90f-1227493043807