Asset write-downs keep coming from the world’s largest oil-and-gas companies. They are not cash expenses, but they do underline how the risks and rewards of investing in the supermajors have deteriorated.
Royal Dutch Shell said Tuesday that it would make impairments of up to $22 billion in its second-quarter results to reflect lower oil and gas prices and refining margins. Its London-listed peer BP estimated an up to $17.5 billion hit earlier this month for the same reason.
Read More: No End in Sight for Big Oil’s Write-Downs