Write-downs, explained:
When companies write down their assets it means they're acknowledging that those assets are worth less than the value they originally ascribed to them.The write-downs are another example of the pandemic's toll on the oil and gas industry. They're also a sign that these companies are preparing for a lower-carbon economy.
The pandemic has gutted demand for oil, sending the price-per-barrel tumbling. Cheap oil and an outlook of lower demand makes oil-related assets less valuable.it expects the transition to low-carbon energy to accelerate in the wake of the pandemic when it announced the write-downs.: "The Refining asset valuation updates reflect Shell's strategy to reshape and focus its refining portfolio to support the decarbonization of its energy product mix.
In the note, Goldman analysts also shared their top stock picks for integrated oil companies and refiners, which turn crude into fuel and other products.
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