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Total takes $8.1b impairment

Christian Fernsby ▼ | July 30, 2020
Total announced an $8.1 billion writedown after the push to curb carbon emissions and the coronavirus pandemic challenged assumptions about the long term viability of some oil and gas assets.
$8.1b   Total
The bulk of the impairment about $7 billion applies to Canadian oil sands, which are costlier and more carbon intensive than conventional fields.

Topics: Total

Total reported a 96% fall in second-quarter net profit to $126 million on Thursday.

Total will not approve any capacity increase on projects of this type and will withdraw from Canada’s oil industry lobby group.