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Oil major Shell to write down up to $22 billion of assets in second quarter

June 30, 2020 at 08:58AM

Oil giant Royal Dutch Shell said on Tuesday it will write down the value of its assets by up to $22 billion in the second quarter, after revising down its long-term outlook for oil and gas prices. It comes after the energy company announced in mid-April an ambition to reduce greenhouse gas emissions to net zero by 2050.

Shell said in a statement to investors that it had reviewed a significant portion of its business given the impact of the coronavirus pandemic and the “ongoing challenging commodity price environment.” It said it would take aggregate post-tax impairment charges in the range of $15 billion to $22 billion in the second quarter.

This included a write-down of between $8 billion-$9 billion in its integrated gas unit, a $4 billion-$6 billion write-down in upstream assets, and a $3 billion-$7 billion write-down in oil products across its refining portfolio. Shares of the Anglo-Dutch company were over 1% lower during early morning deals.

Oil major Shell to write down up to $22 billion of assets in second quarter, CNBC, Jun 30

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From: The FxPro News Team https://fxpro.news/daily-forex-outlook/oil-major-shell-to-write-down-up-to-22-billion-of-assets-in-second-quarter-20200630/
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