The oil industry lost a round with the SEC.

Oil companies wanted the Securities and Exchange Commission to use expected year-end oil prices rather than current prices in attaching a value to their oil reserves in their quarterly reports to shareholders. Companies had pressed for the suspension as a way of avoiding taking quarterly writedowns when the current value of their reserves falls below their assets on balance sheets, as is now happening to many because of the oil price collapse. Despite the unexpected denial of the industry’s request, some SEC members indicated that they support the general idea and will advance their own proposals soon.