2020 will be a historically dreadful year for oil impairments

Oil and gas companies in North America and Europe have so far booked impairments totaling around USD 145 billion in the first nine months of 2020, writes the Wall Street Journal.

Photo: Steve Nesius/Reuters/Ritzau Scanpix

Oil and gas companies in North America and Europe have in the first three quarters of the year made the biggest asset value adjustment in a decade, with impairments totaling almost USD 145 billion, reports the Wall Street Journal.

Even though it is far from unusual that oil and gas producers impair assets when commodity prices plunge, the impairments this year are particularly pronounced.

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