Shell: posts large quarterly loss on impairment charges

(CercleFinance.com) - Royal Dutch Shell has reported a second-quarter net loss of 18.
1 billion dollars after booking a fourth-quarter charge of 16.8 billion dollars, mostly to write down the fall in oil prices.

The Anglo-Dutch oil giant said that it has had to revise its medium- and long-term price and refining margin outlook in response to the Covid-19 pandemic, in addition to the collapse of demand in the energy market.

The result reflected lower prices for oil, LNG and gas, lower refining margins, along with lower sales, it said.

Adjusted earnings were 600 million dollars in the second quarter, as the company benefitted from strong crude and oil products trading, as well as lower operating costs.

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