Shell to cut asset values by up to $22 billion after coronavirus hit | Reuters


The writedown announcement came after Shell cut its forecast for energy prices into 2023 on expectations that sales will only recover slowly after the pandemic, adding to the company’s already bleak longer-term outlook for fossil fuel demand.

Shell’s move follows similar steps by other major energy companies such as BP (BP.L), which plans to cut the value of its assets by up to $17.5 billion following the hit to fuel sales from global travel restrictions to prevent the virus spreading.

Source: Shell to cut asset values by up to $22 billion after coronavirus hit – Reuters

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