ExxonMobil: asset write-downs in Q4

(CercleFinance.com) - ExxonMobil announced on Thursday evening that it expects to book between $2.
4bn and $2.6bn in asset write-downs in Q4, mainly for its operations in California, where regulations against oil installations are tightening.

The US energy giant says that this charge is essentially linked to its Santa Ynez platform in California, the restart of which is being called into question by stricter environmental rules in the state.

Earlier this week, its rival Chevron was forced to announce its intention to book provisions ranging of $3.5bn to $4bn for the same reasons.

For the rest, the elements contained in the Form 8-K published by Exxon last night point to net earnings of around $9bn in Q4, RBC analysts said.

On a per-share basis, this would represent profit of $2.2 per share, slightly above the current consensus of $2.1.

Following these announcements, ExxonMobil shares were up 0.2% in PMT on Friday morning.


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