Billions of Barrels of Oil Vanish in a Puff of Accounting Smoke
- Drillers face writedowns on proved reserves due to SEC rule
- Chesapeake among biggest losers with 45% of inventory gone
How Chesapeake Can Erase Oil From Its Books
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In an instant, Chesapeake Energy Corp. will erase the equivalent of 1.1 billion barrels of oil from its books.