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Looks like oil might be set to last a little longer


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One percent

Not sure if we have had this but seemed to be important enough for its own thread. 
 

https://www.bbc.co.uk/news/business-55931523
 

Oil giant Royal Dutch Shell sank to a net loss of $21.7bn (£16bn) last year after the coronavirus pandemic caused demand to slump.

The announcement comes after two of its rivals, BP and Exxon, posted similar big losses.

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Frank Hovis

I remember IBM doing this in about 1990; they took advantage of an already bad year to write down loads of assets to clear out the books rather than have the write-downs affect future years' profits.

IBMs_revenue_and_net_income.png

 

 

The Shell results will also quickly be forgotten. They are largely accounting rather than cash losses, the result of a giant write-down in the future value of the company's oil fields and prospects. Already investors are turning their attention to next week, when chief executive Ben van Beurden will present the company's long-awaited plans to shift the company towards greener forms of energy.

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