TotalEnergies to Book $3.7 Billion Impairment on Novatek Stake, Withdraws Directors
09 Décembre 2022 - 10:18AM
Dow Jones News
By Giulia Petroni
TotalEnergies SE will book an impairment of around $3.7 billion
in the fourth quarter as it will no longer equity account for its
stake in Russian natural gas producer Novatek.
The French major said on Friday that it has also decided to
withdraw its representatives from Novatek's board with immediate
effect as they were no longer in a position to fully carry out
their duties.
The company holds a 19.4% stake in Novatek, but hasn't been able
to sell it as it is forbidden to sell assets to one of Novatek's
main shareholders, who is under international sanctions following
Russia's invasion of Ukraine, it said.
TotalEnergies will no longer book reserves for its interest in
Novatek, with an impact on reported proved reserves at the end of
2021 of 1.7 billion of barrels, it said. Yet, the life duration of
the company's proved reserves will remain above 11 years of
production.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
December 09, 2022 04:03 ET (09:03 GMT)
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