Shell Losses Second Quarter $ 18 Billion Financial


The British-Dutch company reported this beforehand on Thursday.

According to the group’s report, the loss came about this morning due to lower oil prices and depreciations on the value of assets due to the corona crisis.

The company had already reported at the end of June that because of the crisis, far fewer oil products were being sold and that there would be huge write-downs. Those write-offs totaled $ 16.8 billion.

Shell did post a profit based on current estimated inventory cost (CCS) of $ 638 million, while analysts had expected a loss here. In the second quarter of last year, CCS earnings were nearly $ 3.5 billion.

Updates will follow

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