Multinational Oil Giants Weathering the Winter: Major Asset Write-downs and a Strategic Pivot Toward Low-Carbon Transition

Based on current results, Total’s breakeven oil price has declined from $100 per barrel in 2014 to $25 per barrel. In its Q2 report, Total reaffirmed the sustainability of its operations under a Brent crude oil price environment of $40 per barrel. 'Benefiting from the Group’s strategic focus on low-cost producing regions—particularly in the Middle East—this quarter’s performance once again demonstrates that Total’s portfolio can maintain breakeven even at oil prices below $25 per barrel. The Board has maintained the interim dividend for Q2 at €0.66 per share.' Beyond cost control, multinational oil companies have launched 'strategic resets' amid challenging conditions—proactively shedding assets to achieve longer-term transformation goals. BP, for instance, has shown strong determination in this regard. According to BP’s response to the Economic Observer, in June this year BP revised its long-term price assumptions: the average Brent crude price is now projected at approximately $55 per barrel for 2021–2050, and the average Henry Hub natural gas price at $2.90 per million British thermal units (in 2020 real USD). BP believes this downward revision aligns broadly with the transition pathways consistent with the Paris climate goals. As the long-term price assumption serves as a key criterion for investment evaluation, BP accordingly updated the price assumptions used in its asset impairment tests to remain consistent with the revised investment evaluation framework. Reviews of intangible assets are also underway—including assessments of future exploration and development potential and plans for certain assets. In early August, BP unveiled a new strategy centered on low-carbon energy and customers. By 2030, BP aims to increase its low-carbon investments tenfold—reaching an eightfold increase by 2025. Investments in oil and gas, meanwhile, are described as 'focused on resilient value creation', primarily manifested through reduced capital intensity as major projects near completion, and continued emphasis on operational efficiency to drive earnings growth and improve return on average capital employed. A particularly bold measure is BP’s plan—through active portfolio management—to reduce production by 40% by 2030; it also has no plans to launch exploration activities in new countries. Total, too, has demonstrated strong commitment to low-carbon transition. In its climate action plan announced in early May, Total pledged to achieve net-zero emissions across its global production operations and the energy products consumed by its customers by 2050. According to its Q2 report, investments in low-carbon power generation will approach $2 billion—accounting for 15% of Total’s 2020 capital expenditures. 'Historically, the oil industry’s typical business model was simple: discover oil, and profits follow. But the negative oil prices witnessed earlier this year flipped the script—not only could oil not be sold at any positive price, but producers were forced to pay others to take it away. This dealt a severe blow to upstream operations, fundamentally upending long-held industry mindsets and eroding investor confidence in the oil market. ExxonMobil’s removal from the Dow Jones Industrial Average stands as a stark example: energy companies’ weight in the index once reached 25%, but has now plummeted to just 2%,' said Yan Jian tao. 'The oil industry remains fundamentally sound—but its growth potential simply falls short of investor expectations. What’s needed now is greater focus by industry practitioners on the sector’s intrinsic development.'

Global Brand Highlights (August 2026)

If validated, this model would trigger three impacts within the mental health domain: First, Amae’s developing integrated mental health scoring framework—once formally launched—will combine wearable-derived behavioral signals with biomarkers, voice analysis, and medication response data to produce a tool analogous to cardiovascular risk scores, shifting mental health assessment from subjective judgment toward continuous, quantifiable measurement. Second, Google’s ecosystem expansion—including renaming the Fitbit app to Google Health in May, launching the screenless Fitbit Air, and enabling users to upload medical records for AI-powered health guidance—complements its collaboration with Amae, marking coordinated progress toward building a mental health data platform. Third, early-stage research is advancing in parallel: a 2025 pilot study already leveraged smartphone and wearable data to predict opioid use disorder relapse, while other studies applied AI models to forecast disease progression in schizophrenia and bipolar disorder. As mental healthcare shifts from collecting information only when patients walk into clinics to continuously receiving behavioral signals between visits, psychiatric measurement is undergoing a foundational transformation—and the Amae–Google partnership represents a concrete milestone along this path. 02 ExxonMobil Proposes Expansion of Kashagan Field Field Development Deeply Entangled with Historical Disputes [Event Category: Energy Brand] On August 6, Bloomberg reported that ExxonMobil has informed the Kazakh government that a proposed $80-billion western expansion of the Kashagan field hinges on resolution of roughly $150 billion in historical disputes between the government and international oil companies. The proposal envisions forming a joint venture with KazMunayGas—the national oil and gas company—at equal equity stakes to develop undeveloped portions of the field, with potential daily output reaching 600,000 barrels. Disputes include government claims for revenue losses stemming from development delays and an approximately $5-billion environmental penalty. KazMunayGas has endorsed the proposal, though final political approval remains pending. This investment proposal constitutes a brand-level strategic maneuver by ExxonMobil—linking massive capital expenditure to the settlement of historical grievances in a single negotiation. Discovered in 2000, Kashagan ranks among the largest oil finds in decades. Yet its development suffered repeated delays due to technical challenges—including harsh Caspian Sea conditions, high pressure, and high hydrogen sulfide concentrations—leading to first oil production in 2016, over a decade behind schedule. This protracted history forms the root of today’s $150-billion dispute. On the day of Bloomberg’s report, KazMunayGas’s CEO publicly denied the report’s accuracy—but did not deny negotiations were underway. Regardless of whether reporting details are fully precise, the underlying logic is clear: ExxonMobil seeks to exchange new investment commitments for governmental waiver of historical claims, while simultaneously unlocking access to roughly 10 billion barrels of recoverable reserves in the field’s undeveloped western region—a pivotal offer converting 'historical liabilities' into 'future gains'. Should the proposal receive political approval and move forward, it would generate three implications for Central Asia’s energy landscape: First, achieving 600,000 barrels per day from Kashagan’s western zone would elevate Kazakhstan—already among the world’s top fifteen oil producers—to a higher production tier. Second, amid geopolitical disruptions to global energy supply, the Caspian Sea and Central Asia’s role as an alternative energy corridor would gain further strategic prominence, potentially reshaping medium- to long-term crude trade flows. Third, existing partners not participating in the new project may face uncertainty regarding their production rights in the eastern zone after their current licenses expire in 2041.

Exxon Mobil not liable to investors over Canadian oil sands, gas assets, jury says

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A Texas jury found Exxon Mobil not liable for investor fraud claims regarding its Canadian oil sands and Rocky Mountain gas assets. Investors could not prove the company concealed losses or misvalued reserves during 2016.

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