Low oil and gas prices will lead to substantial impairment charges and downward revisions of proved reserves for US exploration and production companies at the end of this year, says EY. The "Big Four" accounting firm calculates that the top 50 US companies' proved reserves of oil and gas grew by 8% and 7% respectively in 2014, with the sharp decline in prices occurring too late in the year to have a meaningful impact on the numbers.
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