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Shell to post quarterly impairment, restructure charges of up to $4.5bn
StockMarketWire.com
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Oil major Royal Dutch Shell said expected to book net charges of between $3.5 billion and $4.5 billion in the fourth quarter, in relation to impairments, asset restructuring and onerous contracts.
Shell said the charges were linked to its upstream business, including a partial impairment of the Appomattox asset in the US Gulf of Mexico, plus its oil products and integrated gas businesses.
The company also said that adjusted earnings at its upstream business were expected to show a loss 'in the current price environment'.
Production at that business was expected to be between 2.275 billion and 2.350 billion barrels of oil equivalent per day, reflecting hurricane impacts in the US Gulf of Mexico and the effect of mild weather in Northern Europe.
In the integrated gas business, production was expected to be between 900,000 940,000 barrels of oil equivalent per day, with LNG liquefaction volumes of between 8.0 million and 8.6 million tonnes.
In the oil products business, realised gross refining margins were expected to be slightly improved compared with the third quarter 2020.
Story provided by StockMarketWire.com
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