Oil Operations Provide Little Cheer to Mining Firms

摘要

Mining and petroleum giants Freeport McMoRan and BHP Billiton are struggling with the sharp drop in oil prices over the past year, which has piled on writedowns and led to repeated cuts in capital spending. Freeport reported third - quarter earnings on Thursday which included another $3.5 billion impairment charge against the value of its oil and gas assets due to the protracted slump in crude prices. The writedown pushed the US - based company to a $3.8 billion net loss across all of its businesses.