Shell Expects to Book Charges of Between $3.5 Billion-$4.5 Billion in 4Q
21 Dezembro 2020 - 04:58AM
Dow Jones News
By Adria Calatayud
Royal Dutch Shell PLC said Monday that it expects to book
fourth-quarter post-tax charges of between $3.5 billion and $4.5
billion in aggregate in relation to write-downs, asset
restructuring and onerous contracts.
The Anglo-Dutch oil major said these expected charges are
related to a partial impairment of its Appomattox asset in the U.S.
Gulf of Mexico in its upstream operations, a turnaround in its
refinery portfolio, and onerous contracts in its integrated-gas
operations.
The company said it expects higher underlying operating expenses
due to increased activity in the fourth quarter compared with the
third, which are expected to hurt adjusted earnings across its
businesses.
Shell said it expects fourth-quarter adjusted earnings for its
upstream operations to show a loss in the current price
environment. Upstream production for the quarter is forecast to be
between 2.28 million and 2.35 million barrels of oil equivalent a
day for the fourth quarter, it said.
Integrated-gas production for the fourth quarter is expected to
be between 900,000 and 940,000 barrels of oil equivalent a day,
Shell said. The company said fourth-quarter oil-products sales
volumes are anticipated to be between 4 million and 5 million
barrels a day, while chemicals sales volumes are expected to be
between 3.6 million and 3.9 million tons.
The company said it will provide a strategy update on Feb.
11.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
December 21, 2020 02:43 ET (07:43 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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