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Shell expects impairment charges up to $22B in Q2

Oil and gas giant Royal Dutch Shell PLC announced on Tuesday it expects impairment charges between $15 and $22 billion in the second quarter due to the coronavirus pandemic affecting all of the company's segments.

In an update to the second-quarter outlook that Shell provided in April, the company said the impairments are expected to have a pre-tax impact in the range of $20 to $27 billion.

Oil-product sales volumes are expected to be between 3.5 million to 4.5 million barrels a day in the second quarter, down from the 6.6 million reported in Q2 of 2019 "driven by a significant drop in demand related to the impact of COVID-19," Shell said.

Breaking the News / JC