 |
Louisiana Light • 6 days | 86.99 | -0.61 | -0.70% | ||
|
Bonny Light • 10 days | 86.00 | -0.62 | -0.72% | ||
|
Opec Basket • 5 days | 87.06 | -0.37 | -0.42% | ||
|
Mars US • 248 days | 76.40 | -1.43 | -1.84% | ||
|
Gasoline • 10 mins | 2.546 | -0.013 | -0.51% |
|
Bonny Light • 10 days | 86.00 | -0.62 | -0.72% | ||
|
Girassol • 10 days | 87.27 | -0.38 | -0.43% | ||
|
Opec Basket • 5 days | 87.06 | -0.37 | -0.42% |
|
Peace Sour • 7 hours | 75.96 | -0.72 | -0.94% | ||
|
Light Sour Blend • 7 hours | 78.41 | -0.72 | -0.91% | ||
|
Syncrude Sweet Premium • 7 hours | 83.01 | -0.72 | -0.86% | ||
|
Central Alberta • 7 hours | 76.41 | -0.72 | -0.93% |
|
Eagle Ford • 5 days | 80.36 | +1.07 | +1.35% | ||
|
Oklahoma Sweet • 5 days | 80.50 | +1.25 | +1.58% | ||
|
Kansas Common • 6 days | 73.00 | -0.75 | -1.02% | ||
|
Buena Vista • 5 days | 90.42 | +1.07 | +1.20% |
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Shell Expects to Book Up to $2 Billion in Writedowns in Q2
Shell expects to take up to $2 billion in impairments for the second quarter, due to the sale of its Singapore refinery and the decision to temporarily halt construction of a biofuels plant in the Netherlands, the UK-based supermajor said on Friday.
Shell, which reports second-quarter earnings on August 1, expects non-cash post tax impairments of between $1.5 billion and $2 billion, it said in its regular quarterly update note, which gives an overview of the company’s current expectations for the second quarter.
The impairments mainly include the Singapore Chemicals & Products assets, which are set to account for between $600 million and $800 million in impairments, and the Rotterdam biofuels project, set to result in impairments of between $600 million and $1.0 billion.
In May, Shell reached an agreement to sell its refining and chemicals assets in Singapore to CAPGC Pte. Ltd., a joint venture company between Chandra Asri Capital Pte. Ltd. and Glencore Asian Holdings Pte. Ltd.
“This agreement marks a significant step in Shell’s ongoing efforts to high-grade our Chemicals and Products business, and is a testament to our commitment to deliver more value with less emissions, as outlined at our Capital Markets Day last year,” Huibert Vigeveno, Shell’s Downstream, Renewable and Energy Solutions Director, said at the time.
This week, Shell said it would temporarily pause on-site construction work at a biofuels plant in Rotterdam amid weak market conditions, as international oil firms continue to re-evaluate their low-carbon energy projects.
Shell’s subsidiary Shell Nederland Raffinaderij will temporarily pause on-site construction work at its 820,000 tons-a-year biofuels facility at the Shell Energy and Chemicals Park Rotterdam in the Netherlands “to address project delivery and ensure future competitiveness given current market conditions,” the company said.
For the first quarter of the year, Shell smashed earnings estimates, thanks to higher crude and product trading profits and increased refining margins.
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By Tsvetana Paraskova for Oilprice.com
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Tsvetana Paraskova
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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