Price Pressures to Force More Write-Downs

摘要

Halloween has long passed but major oil companies are entering that time of year when they release the skeletons from the closet. This year'ss accounting is yielding a rash of write-downs in the value of portfolios as companies reckon their assets with 2019'ss prices and future investment plans. Equity valuations are not a perfect reflection of asset values but with oil companies trading at lower multiples and asset markets moving at a sloth'ss pace, lower valuations for oil and gas assets are inevitable (PIW Dec.13's19).