The oil major announced in March that it will cut operating costs by US$3-US$4 billion over 12 months. FMTNews Shell
LONDON: Energy giant Royal Dutch Shell will take a vast charge of up to US$22 billion due to chronic fallout from coronavirus and collapsing oil prices, it announced Tuesday.
It added: “In light of this, Shell is announcing today a revised long-term commodity prices and margin outlook, which is expected to result in non-cash impairments in the second-quarter results.” “Although this production range is higher compared with the outlook previously provided, it has had a limited impact on earnings in the current macro environment,” the group cautioned.
Yet some analysts warn that the market remains vulnerable to a second wave of coronavirus infections and lockdowns.
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