In one of the most challenging quarters for the oil industry in recent memory, the five Big Oil firms wrote down nearly US$50 billion from the value of their oil and gas assets as commodity prices crashed and as some of them strategically reset their expectations of oil prices going forward. The five international oil majors – ExxonMobil, Chevron, Shell, BP, and Total – also reduced capital expenditure (capex) plans as well as their oil and gas production as demand crashed in the second quarter due to the COVID-19 pandemic. All…
