The oil sands write-down

摘要

Two major US oil and gas companies have revised downward their reserves, reducing 4.65 billion bbl of oil sands crude worth an estimated $183 billion. ExxonMobil Corp. removed its entire 3.5 bih lion-bbl Kearl oil sands project from its books on Feb. 22. The major cited that 2016 oil prices and incurred costs had disqualified the Kearl oil assets as proved reserves. ExxonMobil expanded its Kearl oil sands project in 2015 to increase output to reach 110,000 b/d, nearly doubling previous Kearl production.