Occidental Petroleum Corp. posted its deepest quarterly loss in at least a quarter century as plummeting crude prices destroyed the value of oil fields.

BP Plc reported a 91 percent decline in fourth-quarter earnings after average crude oil prices dropped to the lowest in more than a decade. Its shares fell the most since 2010.

A handful of companies that have dominated almost every kind of raw-material business in Japan for decades may take as much as $13 billion in charges during the current fiscal year.

Exxon Mobil Corp. is cutting its drilling budget to a 10-year low and halting share buybacks after last year’s belt-tightening failed to shield the world’s biggest oil explorer from crashing energy markets.

ConocoPhillips joined the ranks of oil explorers curtailing dividend payouts after suffering its steepest quarterly loss in almost a decade. Rival drillers Occidental Petroleum Corp. and Statoil ASA are holding fast for now.

Investors in Asian oil and gas companies should prepare for a wave of writedowns after a collapse in crude prices.