With oil prices averaging over $100/B since Russia’s invasion of Ukraine in late February, it is no wonder that western majors reported some of their best financial results in years for the first quarter of 2022.
But for many, the bumper results were overshadowed by write-downs of their Russian assets. For BP this meant a $25.5bn impairment, for TotalEnergies $4.1bn, for ExxonMobil $3.4bn and for Shell $3.9bn. At a stroke, billions of dollars of future revenues have been cut off. (CONTINUED - 3402 WORDS)