BASF Faces Harsh Reality as Crude Slump Sends 2015 Profit Lower
- Oil and gas segment took impairment of EU600M in final quarter
- BASF expects oil and gas prices to stay at low level in 2016
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BASF SE executives are facing up to oil’s new reality. The steep drop in prices they didn’t see coming isn’t just a passing phenomenon.
When crude was trading at around $70 a barrel just over a year ago, Chief Executive Officer Kurt Bock said there were “fundamental reasons” why oil couldn’t stay that low.