Writedown

Equinor ASA said Friday it would make a $982 million writedown of its Tanzania liquefied natural gas (TLNG) export project proposed for east Africa, saying it does not currently compete with other projects in the company’s portfolio. “While progress has been made in recent years on the commercial framework for TLNG, overall project economics have…

Failure to revive a mothballed production project prompted Calgary-based Suncor Energy Inc. to announce Tuesday a C$425 million ($319 million) write down on its 27.5% share of an oilfield offshore of Newfoundland. Suncor said majority owner Husky Energy Inc. stranded a 200 million bbl White Rose field addition by suspending construction when the Covid-19 virus…

Drilling cuts and producer shut-ins amid historically weak oil demand forced Plains All American Pipeline LP to write down the value of its assets and swing to a steep first quarter loss.

BHP Billiton Ltd., whose U.S. onshore portfolio has been slammed by misfires for more than two years, on Wednesday said it expected to write down $2.8 billion pretax, mostly for a natural gas-focused field in the Eagle Ford Shale.

Loews Corp., nicked by a writedown in its HighMount Exploration & Production LLC subsidiary’s proved natural gas reserves, as well as losses from its CNA Financial subsidiary, reported a loss from continuing operations for 2008 of $182 million, or a loss of 38 cents/share, compared with income from continuing operations of $1.6 billion, or $2.96/share, in 2007.

Royal Dutch Shell agreed Tuesday to pay $90 million to settle a U.S. lawsuit brought last year by pension holders following the company’s writedown for overbooking oil and natural gas reserves over a five-year period (see Daily GPI, May 25, 2004).