The 2020 oil price collapse provided a reality check for the global oil and gas industry, which reassessed its price assumptions for the years ahead and readjusted the value of its assets. Expectations that oil demand will not see a V-shaped recovery in 2020 and longer-term industry challenges, including the rise of renewables and electric vehicles (EVs), had nearly every oil and gas company in the world write down, significantly, the value of its assets this year. The 2020 write-downs of Big Oil and independent producers in the U.S. and Canada have reached their highest level in at least a decade, various analyses show. And the latest available financials for Q3 were not the end of asset impairments, announcements for which continued in the fourth quarter. The reassessment of oil and gas assets was so widespread that even U.S. supermajor ExxonMobil—which until a month ago hadn’t really adjusted the […]