At COP years ago, we used to have a ritual that was a lot like the Monty Python "bring out your dead" procession. In an integrated company, as we used to be way back when, one business unit would usually have a good year. At a corporate level that gave you some leeway to write off "bad" assets and not destroy earnings trends. The folks at the business unit level took a hit in compensation but kept their jobs, at least for awhile. But in the world where the whole bet is on E&P, not so easy to do. This writedown makes subsequent returns look good since the "assets" you're generating the return on are now booked at a lower cost, but as ever the only real number in any company is whether cash coming in is greater than cash going out on a consistent basis. Charlie Munger was right "non-GAAP" reporting is basically bullsh.. earnings.