Shell warns of $22b hit on assets due to low oil prices

will take a vast second-quarter charge of up to $22 billion due to coronavirus and collapsing oil prices, it announced Tuesday.

The company said in a statement that it will face a charge of between $15 billion and $22 billion in the second quarter, after reviewing chronic fallout from the deadly COVID-19 outbreak that crashed global demand for energy. "In the second quarter of 2020, Shell has revised its mid and long-term price and refining margin outlook reflecting the expected effects of the COVID-19 pandemic and related macroeconomic as well as energy market demand and supply fundamentals," the London-listed firm said.

"This has resulted in the review of a significant portion of Shell's upstream, integrated gas and refining assets." The energy major added that the move also reflected a planned reshaping of refining activities as it seeks to move towards becoming carbon neutral by 2050.

پاکستان تازہ ترین خبریں, پاکستان عنوانات

Similar News:آپ اس سے ملتی جلتی خبریں بھی پڑھ سکتے ہیں جو ہم نے دوسرے خبروں کے ذرائع سے جمع کی ہیں۔

BP sells petrochemical arm to Ineos for $5 billionBritish energy group BP, hit hard by the coronavirus pandemic slashing demand for oil, announced Monday the sale of its petrochemical business to
ذریعہ: 24NewsHD - 🏆 19. / 51 مزید پڑھ »

Virus-hit Iran to make masks compulsory from next weekVirus-hit Iran to make masks compulsory from next week
ذریعہ: DunyaNews - 🏆 1. / 83 مزید پڑھ »

KP transporters increase fares after hike in petrol pricesKP transporters increase fares after hike in petrol prices
ذریعہ: DunyaNews - 🏆 1. / 83 مزید پڑھ »

Revised 2020 Formula One calendarF1 season starts this weekend following three-month lockdown due to the coronavirus pandemic.
ذریعہ: DunyaNews - 🏆 1. / 83 مزید پڑھ »

Religious Ministry to start refunding Govt Scheme hajj dues from Thursday - 92 News HD PlusISLAMABAD (92 News) – Ministry of Religious Affairs will start refunding Government Scheme hajj dues from Thursday.
ذریعہ: 92newschannel - 🏆 21. / 51 مزید پڑھ »

سعودی عرب: سونے کی خریداری میں اچانک اضافہمملکت سعودی عربیہ میں سونے کی خریداری میں اچانک اضافہ سامنے آیا ہے۔تفصیلات کے مطابق سعودی عرب میں سونے کے تاجروں نے کہا ہے کہ مملکت میں ویلیو ایڈڈ ٹیکس
ذریعہ: Nawaiwaqt_ - 🏆 6. / 63 مزید پڑھ »