The Anglo-Dutch group cut its oil and gas price outlook, vowing to “adapt to ensure the business remains resilient”. The company said lower prices would lead to post-tax, non-cash impairment charges of $15 billion to $22 billion in the second quarter. Shell announced plans in April to become a net-zero emissions energy business and is undertaking a review of its organisational structure in light of its new ambitions. After 2023 it expects long-term oil prices at $60 and gas at $3, in line with its earlier expectations. Shell’s gas business, in which it has invested heavily following the $53 billion acquisition of BG Group in 2016, will take the biggest impairment hit at $8 billion to $9 billion.

Source: The Irish Times June 30, 2020 12:00 UTC