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Shell says assets could be worth $22bn less as Covid hits oil demand

Shell says assets could be worth $22bn less as Covid hits oil demand

Extracts

The oil company ended any hopes for a brighter end to 2020 for shareholders with the announcement of another write-down. Shell blamed the move on the weaker outlook for global oil demand owing to coronavirus restrictions on travel and poor economic growth.

It also said the fourth-quarter results for its oil products division, due in early February, would be significantly lower compared with the third quarter.

The Anglo-Dutch oil firm’s latest write-downs could bring its total impairments to $22bn for 2020…

Shell plans to use its deepwater oil and gas assets as a “cash engine” to generate free cashflow that can be reinvested in renewable energy. The company intends to invest by to $2bn a year on “new energies” such as offshore windfarms, electric vehicles and electric car charging.

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