It’s not unusual for corporations to writedown the value of their assets but the one taken this week by Exxon Mobil Corp. grabbed all sorts of notice.
Exxon indicated it’s about to make its biggest writedown in modern history—-all because of the collapse of energy prices brought on largely by the COVID-19 pandemic.
The company shocked the trading world and the oil and gas industry by disclosing on Monday it will write down North and South American natural gas fields by nearly $20 billion.
Click here for more details at Bloomberg news.