JiggsCasey
VIP Member
- Jan 12, 2010
- 991
- 121
- 78
Sumitomo, only Japan's 4th largest trader, just got butt fracked in Texas ... losing 12% of its stock value in a single day and seeing its credit rating go from delicious to negative after $1.5B is U.S. tight oil fail. ... This all happened in that Panacea that is supposedly the Permian Basin.
Sumitomo to Probe $1.8 Billion in Shale And Coal Losses
This comes in the wake of Japan's third largest trader -- Itochu Corporation -- writing off 80% of an $80 million U.S. fracking investment. Then of course, there's oil major Shell, which took a $2 billion hit last summer in the great fraud that is tight oil investment. They're bailing too.
I wonder if our resident snake oi, ... ermmm... I mean tight oil salesman can come set us straight on why foreign investment is suddenly making a sharp U-Turn on that promise of U.S. energy independence of late? Surely these are just anomalies.
Queue it up:
"Something something zealot... something somethings words... something something religion.... words words halfwit ... something something ... ride a bike... something words something, ... straw man, straw man... church dogma... halfwit something something words... I'm rich, why aren't you?"
Sumitomo to Probe $1.8 Billion in Shale And Coal Losses
Sumitomo’s board plans to sell the northern part of the oil project it shares with Devon Energy, saying it’s “difficult to extract the oil and gas efficiently.”
Ouch ... that's gotta hurt. Please do continue, Bloomberg:
Net income is forecast to total 10 billion yen ($91 million) in the year ending March 31, down sharply from the company’s May forecast of 250 billion yen, Sumitomo said in a statement. The bulk of the change comes from a 170 billion yen write down on the value of the shale oil development in the Permian Basin in Texas...
Ah well, that's only 96% off from what you were fooled into believing was possible. Sorta like the Monterrey (Calif.) reserves write down, which was ... gosh... 96%.
This comes in the wake of Japan's third largest trader -- Itochu Corporation -- writing off 80% of an $80 million U.S. fracking investment. Then of course, there's oil major Shell, which took a $2 billion hit last summer in the great fraud that is tight oil investment. They're bailing too.
I wonder if our resident snake oi, ... ermmm... I mean tight oil salesman can come set us straight on why foreign investment is suddenly making a sharp U-Turn on that promise of U.S. energy independence of late? Surely these are just anomalies.
Queue it up:
"Something something zealot... something somethings words... something something religion.... words words halfwit ... something something ... ride a bike... something words something, ... straw man, straw man... church dogma... halfwit something something words... I'm rich, why aren't you?"
Last edited: