Exxon Breaks With Tradition, Announces $20 Billion Oil Asset Write-Down ...Middle East

OILPRICE - Economy
Exxon Breaks With Tradition, Announces $20 Billion Oil Asset Write-Down
source : OILPRICE ( Middle East ) () 23
Exxon has finally broken with its tradition to never write down its assets. Exxon has announced massive writedowns of between $17 billion and $20 billion due to the pandemic and its effect on the oil industry. The company also said that it will focus on its most lucrative projects and remove less lucrative ones from its development plan. The latter, all dry gas assets, will result in the $17-20 billion writedown. “Leveraging the significant cost savings realized in 2020 that are on track to exceed announced reductions of $10 billion or 30…

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