RE:Something to remember heading into Q4 resultsAt 258 mil, this could also possibly related to reserves revaluation - I'm not up on reserves accounting but aren't the reserves periodically adjusted based on trailing avg. commodity pricing? The reserve accounting seems to be a bone of contention here (O&G) as well as metals - commodity prices drop, forcing reserves revaluation, then commodity price increases and there is a lag for the reserves to be revalued back up - I'm guessing this would be at a mimimum a quarter lag and possibly much longer - the writedown could well be a result of oil prices being depressed as far back as year earlier, but like it says, eventually we'll get this "money" back, and it will (hopefuly) make the good looking future numbers look even better...
disclosure: long CPG, long sector