Shell shock: oil giant writes off up to $5 billion following Russia exit

Published

2 years ago

April 8, 2022

Shell is writing down up to $5 billion as a result of its withdrawal from Russia, more than was previously revealed

But these post-tax impairments of $4-5 billion in the first quarter are not expected to impact Shell’s earnings with oil and gas prices sky rocketing.

Last month the company said these figures would reach around 3.4 billion dollars.

Shell attested this to issues with contracts, writedowns of receivables and credit losses in Russia.

The oil company’s market capitalisation is about $210 billion but London trading saw it down by 1.2 per cent.

This quarter has been one of the most unstable periods in years for the oil and gas industry amid Russia’s invasion of Ukraine.

Related Topics:Business london oil petrol russia RussianUkrainianWar RussiaUkraine shell trending

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Natasha Schapova

Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

Markets brace for potential 50-point fed rate cut

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2 days ago

September 17, 2024

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Markets are anticipating a significant 50-point rate cut from the US Federal Reserve this week, leading to heightened focus on bond markets and key economic reports.

Financial markets are focused on a potential 50-point rate cut by the US Federal Reserve, as investors anticipate major shifts in economic policy.

The bond markets, already pricing in a borderline hard landing, reflect the expectation of a significant easing cycle over the next two years.

However, experts caution that the Fed could disappoint, as the current economic conditions differ from previous events such as the pandemic or credit crises. #featured #trending

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Bitcoin’s Q4 outlook: key factors and upcoming milestones

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3 days ago

September 16, 2024

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Insights into market trends and critical events shaping Bitcoin’s performance

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Crypto Corner is hosted by Caroline Bowler, CEO of BTC Markets.

In this episode, Caroline speaks with Matt Willemsen, Head of Research & Content at Collective Shift, about what could drive Bitcoin’s strong performance in Q4. They explore how the current market differs from past cycles, the ongoing Solana vs. Ethereum debate, and the role of project-specific conferences in market trends. Matt previews key Q4 events, including the Solana Breakpoint conference and upcoming altcoin milestones like Uniswap v4 and Polygon 2.0. #crypto corner

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Driving change: the transformation of the ASX Refinitiv Charity Foundation

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3 days ago

September 16, 2024

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Since its inception in 1998, the ASX Refinitiv Charity Foundation has distributed $40 million to various charitable causes.

Crypto Corner explores the latest market movements, expert insights and the influence of macroeconomic factors on the crypto industry.

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In this episode, Caroline sits down with Gerard Doyle, General Manager of ASX Refinitiv Charity Foundation to review the evolution of their fundraising efforts. #crypto corner