“Seven Top Oil Firms Downgrade Assets by $87 Billion in Nine Months”

“Thinktank says changes to forecasts reflect accelerated shift away from fossil fuels”

“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 $87bn.

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.”

Jillian Ambrose reports for the Guardian August 14, 2020.

SEE ALSO:

“Oil Companies Wonder If It’s Worth Looking for Oil Anymore” (Bloomberg Green)