) avoided its first quarterly loss in recent history, helped by a booming trading business, but announced nearly $17 billion in impairment charges reflecting a pessimistic outlook for oil and gas prices.
“Shell has delivered resilient cash flow in a remarkably challenging environment,” CEO Ben van Beurden said in a statement on Thursday. But in this crisis, the drop in oil and gas prices was coupled with an unprecedented drop in global demand. Shell’s adjusted earnings in the second quarter, which exclude special items and are adjusted to cost of supply, fell to $600 million from $3.5 billion a year ago, beating analysts forecasts of a $674 million loss.
Shell is also the world’s largest oil and gas trader. High volatility in oil prices throughout the quarter allowed nimble traders to make large profits by betting on price movements and storing fuel to sell them at higher prices in the future.
They are selling petrol and diesel in doble the rate then how the loss have come
Shell Corp
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Reuters - 🏆 2. / 97 Read more »
Source: Reuters - 🏆 2. / 97 Read more »