The Shell logo is displayed outside a petrol station in Radstock on February 17, 2024 in Somerset, England.
Energy giant Shell on Friday said it expects to record a post-tax impairment hit of up to $2 billion mainly linked to its Singapore and Rotterdam plants, while also saying trading in its key gas division will decline on the quarter.
This comes after Shell on Tuesday announced it would temporarily suspend on-site construction at its 820,000 metric tons a year biofuels facility in Rotterdam amid current market conditions.
The oil major also anticipates a second non-cash post-tax impairment of $600-800 million after agreeing to divest its Singapore refining and chemicals plant back in May.
On the downside, RBC flagged "higher corporate costs and a neutral result from the chemicals division."
Persons:
Shell
Organizations:
Energy, Shell, RBC Capital Markets, RBC
Locations:
Radstock, Somerset, England, Singapore, Rotterdam