Shell to write down as much as $22 billion after coronavirus hit
) said on Tuesday it would write off assets worth up to $22 billion after the coronavirus crisis knocked oil and gas demand and weakened the energy price outlook.
Shell, the world’s largest fuel retailer, said it expected a 40% drop in sales in the second quarter from a year earlier to about 4 million barrels per day , although that is more than its earlier prediction of a drop to 3.5 million bpd. The impairments relate to large liquefied natural gas operations in Australia, including the Prelude floating LNG facility, the world’s biggest, as well as oil and gas production assets in Brazil and the U.S. shale basins.FILE PHOTO: The logo of Royal Dutch Shell is seen at a petrol station in Sint-Pieters-Leeuw, Belgium January 30, 2019. REUTERS/Yves Herman
Shell responded to the pandemic by cutting its dividend for the first time since World War II and lowering spending in 2020 to a maximum of $20 billion from $25 billion. It aims to announce its restructuring plan by the end of 2020.Shell reduced its expected average benchmark Brent crude price for 2020 to $35 a barrel from $60, and cut its 2021 and 2022 forecasts to $40 and $50, respectively, also down from $60.
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