From Bloomberg News:
Total SA, Europe's third-biggest oil company, has for the first time written down the value of its U.S. shale assets.
Total's depreciation on its Barnett shale holdings in Texas amounted to 700 million euros or $911 million after taxes n the third quarter.
Total recognized a charge of 800 million euros of special items in financial results released today. That's mostly from U.S. shale assets and a one-off 4 percent tax on crude and refined oil product inventories imposed by French President Francois Hollande.
The shale markets have been hit by a supply glut that has driven down prices paid for natural gas.
Total has a joint venture in Texas with Oklahoma-based Chesapeake Energy Corp.
The two companies also have a partnership in the liquid-rich Utica shale in eastern Ohio..