Shell to take over $ 22 billion in cuts and rewrite assets

Shell to take over $ 22 billion in cuts and rewrite assets

A shell tanker truck arrives at Royal Dutch Shell PLC in Rotterdam, the Netherlands. Provides fuel for a gas station operated by.

Jasper Juinen | Bloomberg | Getty Images

Royal Dutch Shell on Monday said it would reduce the value of its oil and gas assets from $ 3.5 billion to $ 4.5 billion.

In an update ahead of its fourth quarter results on February 4, Shell said post-tax tariffs were one reason for the defects in the apothecary sector in the US Gulf of Mexico, refineries and the closure of liquefied natural gas (LNG) contracts.

It said some of the allegations involved in its restructuring would be approved in 2021.

In October, Shell, the world’s largest LNG trader, wrote down its LNG portfolio to less than $ 1 billion, focusing on its flagship preview in Australia.

This was followed by a $ 16.8 billion deviation in the second quarter, which included a sharp cut in the forecast and its price outlook.

CEO Ben von Burden will unveil a long-term strategy on February 11 to drastically reduce Shell’s greenhouse gas emissions and expand its low-carbon energy and e-commerce business.

In its update, the Anglo-Dutch company expects oil and gas production in its upstream segment to be about 2.275 to 2.350 million barrels per day, which is slightly higher than it was in the third quarter.

Production was affected as hurricanes and mild weather in northern Europe closed bases in the Gulf of Mexico.

LNG liquid volume is expected to be in the range of 8 to 8.6 million tonnes.

Oil refining usage is expected to be 72% to 76% on a quarterly basis, which reflects the continuously weak demand for corona virus infection.

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