Boom in trading helps Royal Dutch Shell tide over Q-1 loss
LONDON (UK) – A boom in trading business helped Royal Dutch Shell steer clear of its first quarterly loss in recent history. But it said that $17 billion (13.10 billion pounds) in impairment charges reflects a pessimistic outlook for oil and gas prices.
Last month, the company had warned that it was expecting to slash the value of its oil and gas assets by $22 billion following the pandemic crisis.
“Shell has delivered resilient cash flow in a remarkably challenging environment,” CEO Ben van Beurden said on Thursday.
The company in which both Britain and the Netherlands have stakes warned of the continued impact of coronavirus on oil and gas prices and sales in Q-3.
Owing to their large refining operations, Shell and its peers have weathered crises.
However, this time, the drop in prices of oil and natural gas came with a slump in demand around the globe.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field