Shell's Q2 profit slumps 82% on coronavirus hit to oil prices and energy demand.
Net income attributable to shareholders on a current cost of supplies basis and excluding identified items, which is used as a proxy for net profit, came in at a loss of $18.4 billion for the second quarter.
Net income attributable to shareholders on a current cost of supplies basis and excluding identified items, which is used as a proxy for net profit, came in at a loss of $18.4 billion for the second quarter. This followed an impairment charge of $16.8 billion post-tax over the same period, given the oil major now anticipates significantly lower oil and gas prices over the next 30 years.
"But, of course, we are not done yet with the pandemic so we will have to see what the coming quarters and years will bring us," he added.Analysts had warned that "Big Oil" companies, referring to the world's largest energy majors, were likely to report "" second-quarter results as coronavirus lockdown measures coincided with an unparalleled demand shock.
Shell explained its second-quarter reflected weaker-than-expected commodity prices and lower realized refining margins, oil products sales volumes, and higher wells write-offs when compared to the same period last year. "So, in that sense, I am very pleased that we have weathered what was probably the most difficult quarter in living memory very well."
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