World’s biggest retailer sees sales remaining the same in fourth quarter from third
London — Royal Dutch Shell says it will write down the value of oil and gas assets by $3.5bn-$4.5bn after a string of impairments in 2020 as it adjusts to a weaker outlook.
In October, Shell, the world’s biggest LNG trader, wrote down the value of its LNG portfolio by just under $1bn, focusing on its flagship Prelude project in Australia. That followed a $16.8 bn writedown in the second quarter which also included Prelude and a sharp cut in its price outlook. In its update, the Anglo-Dutch company also said it expects oil and gas production in its upstream division to be around 2.275-million to 2.350-million barrels of oil equivalent per day, slightly higher than in the third quarter.
Shell, the world’s largest retailer, said its fuel sales are expected to be in a range of 4-million to 5-million barrels per day, roughly similar to the third quarter.