Impairments

Shell Eyeing $15-22B in 2Q Impairments from Covid-19’s Crushing Impact to Demand, Prices

Shell Eyeing $15-22B in 2Q Impairments from Covid-19’s Crushing Impact to Demand, Prices

Royal Dutch Shell plc expects to impair up to $22 billion in the value of its global natural gas and oil assets for the second quarter, citing the challenges from Covid-19 that have slammed commodity prices and energy demand. The supermajor said it was adapting “to ensure the business remains resilient.” A revised forecast for…

June 30, 2020

Chevron Plans to ‘Win in Any Environment,’ CEO Promises, as 4Q Writedowns Total $10.4B

Record production from the Permian Basin and a bevy of oil and natural gas projects worldwide was not enough to stanch the decline in commodity prices during the final quarter, as Chevron Corp. recorded a $10.4 billion impairment for assets that included the Appalachia portfolio, a natural gas export facility planned for British Columbia and a deepwater Gulf of Mexico project.

January 31, 2020

Chevron Plans to ‘Win in Any Environment,’ CEO Promises, as 4Q Writedowns Total $10.4B

Record production from the Permian Basin and a bevy of oil and natural gas projects worldwide was not enough to stanch the decline in commodity prices during the final quarter, as Chevron Corp. recorded a $10.4 billion impairment for assets that included the Appalachia portfolio, a natural gas export facility planned for British Columbia and a deepwater Gulf of Mexico project.

January 31, 2020

BP Adding $1.7B Charge in 4Q for Macondo Claims

BP plc said Tuesday it plans to take a $1.7 billion charge in its fourth quarter earnings because of additional claims related to the tragic Macondo well blowout in April 2010.

January 17, 2018

FirstEnergy Earnings Nosedive on Competitive Power Exit, NatGas-Fired Plant Sales

FirstEnergy Corp. this week reported a steep $6.2 billion (minus $14.49/share) net loss for 2016, reflecting asset impairment and plant exit costs related to its recent decision to leave the competitive power generation business and transition to a fully regulated company by 2018.

February 22, 2017

SEC Probe of ExxonMobil’s Financial Reporting Underway

ExxonMobil Corp. has confirmed that an investigation about how it values its oil and natural gas reserves has been launched by the U.S. Securities and Exchange Commission (SEC).

September 21, 2016

BHP Taking $7.2B Impairment Against U.S. Unconventional Leaseholds

BHP Billiton Ltd., one of the largest foreign investors in the U.S. onshore, said Friday it would take a $7.2 billion pre-tax impairment charge against the carrying value of its unconventional leaseholds in the Permian Basin and Eagle Ford, Haynesville and Fayetteville shales.

January 15, 2016

North American E&P Impairments Eclipsing 2014 With ‘Significant’ Pain Ahead, Says IHS

An elevated level of asset impairments in the first three months of this year and increasing charges in the second quarter, combined with a bleak commodity price outlook, has put 2015 on track to suffer the most exploration and production (E&P) asset charges in 10 years or more, IHS Inc. energy analysts calculated.

August 7, 2015

EY 2014 Survey Details Good Times Before Price Collapse

Expect more asset impairments along with lower capital spending, reduced revenues and year-end reserves from many producers as the impact of depressed commodity prices is fully felt, Ernst & Young LLP (EY) said Wednesday. However, the firm’s most recent U.S. oil and gas reserves study looked at 2014 when times were brighter.

June 3, 2015

Linn Energy and Berry Petroleum in $4.3B Deal

The $4.3 billion tie-up of Linn Energy LLC and its LinnCo LLC unit with Berry Petroleum Co., announced Thursday, will create one of the largest exploration and production (E&P) companies in North America. The deal also is said to be the first-ever acquisition of a C-corporation by an upstream limited liability company (LLC) or master limited partnership (MLP).

February 22, 2013
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