"The world’s largest listed oil companies have wiped almost $90bn from
the value of their oil and gas assets in the last nine months as the
coronavirus pandemic accelerates a global shift away from fossil fuels.
In the last three financial quarters, seven of the largest oil firms
have slashed their forecasts for future oil market prices, triggering a
wave of downgrades to the value of their oil and gas projects totalling
Analysis by the climate finance thinktank Carbon Tracker shows that in
the last three month alone, companies including Royal Dutch Shell, BP,
Total, Chevron, Repsol, Eni and Equinor have reported downgrades on the
value of their assets totalling almost $55bn.
The oil valuation impairments began at the end of last year in response
to growing political support for transition from fossil fuels to cleaner
energy sources, and they have accelerated as the pandemic has taken its
toll on the oil industry."
Via Glyn Moody, who wrote "and so the #strandedassets massacre begins;
get your investments out while you can…"
*** Xanni ***
Chief Scientist, Xanadu
Partner, Glass Wings
Manager, Serious Cybernetics