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Pandemic hammers all parts of Shell’s business

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Energy company’s dire second quarter threatens to have a long-lasting effect

A logo for Royal Dutch Shell Shell is seen on a garage forecourt. Picture: REUTERS/NEIL HALLRoyal Dutch Shell has reported a slew of bad figures across its business, giving investors a first glimpse of just how severely the coronavirus crisis hit Big Oil in the second quarter.

The dire second quarter also threatened to have a lasting legacy, as reductions in long-term price forecasts will force writedowns of $15bn-$22bn to assets all over the world. Oil-product sales volumes will be 3.5-million to 4.5-million barrels a day in the second quarter, down from 6.6-million a year earlier, driven by a “significant drop” in demand because of the pandemic, the oil major said on Tuesday in a statement ahead of quarterly results on July 30.

 

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