BP was first. The supermajor said last month that it could book asset writedowns of up to $17.5 billion as a result of the industry crisis. Then it was Shell. The Anglo-Dutch company said earlier this week that it, too, would book sizeable writedowns on its assets, to the tune of $22 billion. It may be just the beginning. Besides writedowns on assets that will be reflected in the companies’ second-quarter reports as one-off affairs, both BP and Shell have revised down their long-term price forecast—BP to $55 per barrel of Brent crude, and Shell to $60. This revision will likely render more assets worthless, adding them to the stranded asset count. In other words, these billions in write-downs may be just the beginning. “BP and Shell are just two of the companies that have announced recent changes. Cutting long-term price assumptions will generally result in a lower valuation […]