Exxon Just Took a Record Writedown: Could These Oil Stocks Be Next?

Exxon Just Took a Record Writedown: Could These Oil Stocks Be Next?

ExxonMobil (NYSE: XOM) recently unveiled that it plans to record a historic writedown of up to $20 billion during the fourth quarter. With those areas offering unappealing investment returns, Exxon had no choice but to write down the value of the associated assets. The company's rip-the-bandage-off approach could spur others in the oil patch to do the same.