Husky Energy Inc. cumulative redeemable preferred T.HSE.PR.B

TOT sees tarsands assets 'stranded'

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Ouch.

>>>In addition, in line with its new Climate Ambition announced on May 5, 2020, which aims at carbon neutrality, Total has reviewed its oil assets that can be qualified as “stranded”, meaning with reserves beyond 20 years and high production costs, whose overall reserves may therefore not be produced by 2050. The only projects identified in this category are the Canadian oil sands projects Fort Hills and Surmont. For impairment calculations, Total’s Board of Directors has decided to take into account only proven reserves on these 2 assets – unlike general practice which considers so-called proven and probable reserves. This leads to an additional exceptional asset impairment of  5.5 B$. Consequently, Total will only take into account for its proven and probable reserves in Canada the proved reserves. And the proved and probable reserves life of the Group is thus reduced from 19.0 to 18.5 years. In addition, Total will not approve any new project of capacity increase on these Canadian oil sands assets. Finally, still consistent with the Climate Ambition announced on May 5, 2020, Total decided to withdraw from the Canadian association CAPP considering the misalignment between their public positions and the Group’s ones.

https://www.total.com/media/news/short-term-price-revision-and-climate-ambition-total-announces-exceptional-8-b-asset

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BUY OR BE BOUGHT MERGE OR GO PRIVATE

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Have you managed to post this on every board yet?  Must be close.  Lol