Anglo-Dutch energy major Royal Dutch Shell posted on Thursday, July 30, a colossal net loss of $18.1 billion for the 2nd quarter, blaming massive asset writedowns on the coronavirus-hit oil market, and flagged that job cuts are on the way.
The dire performance meanwhile reflected lower prices for oil, liquefied natural gas , and gas, while it was also adversely impacted by lower refining margins and oil products sales volumes. "We will end up with fewer people. After the summer it'll be the time to see what comes out in terms of headcount."
COVID-19 also slammed the brakes on the global economy and savaged oil-intensive industries. The deadly outbreak also sent oil prices off a cliff from March onwards – and even caused them briefly to turn negative in April.
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