Shell set to book up to $22bn in impairments

摘要

ANGLO-DUTCH supermajor Shell this week warned it expects to record post-tax impairments of between $15 billion and $22 billion in the second quarter as a result of the impact of the Covid-19 pandemic and fall in oil and gas prices on its business. Shell on 30 June said that it was revising downwards it outlook for oil and gas prices and refining margin assumptions and had carried out a review of "a significant portion" of its assets across its three divisions - upstream, integrated gas and refining. About $8 billion to $9 billion of the write-downs are expected to come in the integrated gas division, mainly in Australia at the QGC project and the Prelude floating liquefied natural gas scheme, it said. Some $4 billion to $6 billion will be in the upstream division, largely in Brazil and North American shale. About $3 billion to $7 billion will come across the refining division.