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The Oil World’s Ongoing Impairments


  • Either way, this has thrown a spanner in the works of the giant, multi-billion oil and gas projects that were announced over the past two years as the energy world began to wake up from its post-2015 price crash investment hibernation.
  • Further impairments were made in April 2020 when the Q1 financial results were announced, mainly in response to the triggering of the OPEC+ price war (which saw crude prices halve from US$60/b to US$30/b) and the Covid-19 pandemic accelerating to a point where over half of the world's population went into lockdown.
  • ExxonMobil claims that this is because it books the value of new assets ‘very conservatively' and does not ‘adjust values to short-term price trends', but critics say that it has an ongoing history of vastly overestimating its assets' value.



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