Warren Resources 2015: Lost $620M, Most of it a Paper Loss

As MDN pointed out in February, Warren Resources is on the cusp of bankruptcy (see Warren Resources: Potential Bankruptcy, No Drilling in 2016). They are a small driller–at least in the Marcellus–having drilled two Marcellus wells last year. Earlier this month we brought you the news that the NASDAQ Stock Exchange is threatening to stop trading the company’s stock (see Pretty in Pink? Warren Resources Put on Notice for Stock Delisting). Last week Warren issued its fourth quarter and full year 2015 update. It’s fairly short and to the point: last year Warren lost $620 million. Most of that loss was a paper loss–$578M for impairments. Unlike other drillers, Warren doesn’t include a copy of their financial spreadsheets with their announcement. They make you go fishing on the Securities and Exchange Commission website to find their financial information. It appears they’re making it intentionally difficult to easily obtain the information…

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