The oil industry “is clearly altering its view on the value of assets and we would not be surprised if Exxon followed suit,” said Cowen analyst Jason Gabelman by email. The size of any impairment is unclear, he said.
While Exxon does not disclose the prices it uses to test for impairments, “I suspect they are still testing the balance sheet,” said Biraj Borkhataria, analyst with RBC Europe Ltd, in an email. For the first time, Exxon added language to an investor update saying it “may not account for all adjustments and charges required to fully reflect the changes in industry conditions.”
Without the Federal Reserves largess the Markets would be 60% lower than they currently are. The irony is, Socialism is keeping Capitalism on life support in the United States. It doesn’t matter what companies decide to do, their stocks are supported regardless of moves made.
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