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Shell Takes $22 Billion Write-Down, Expecting Lower Oil and Gas Prices – The Wall Street Journal

https://www.wsj.com/articles/shell-takes-22-billion-write-down-expecting-lower-oil-and-gas-prices-11593504718

LONDON—Royal Dutch Shell PLC is writing down the value of its assets by up to $22 billion because of lower energy prices following the demand-sapping coronavirus pandemic.

The write-down follows one by BP PLC on a similar scale earlier this month. Lower oil and gas prices brought on by the pandemic and uncertainty over the pace of the transition to lower-carbon energy have caused major oil companies to question the value of their reserves. Exxon Mobil Corp. has resisted pressure from accountants to write down its assets.

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