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

Up Next

Athlete’s opinion: Transgender athletes aren’t the problem, transphobia is

Don't Miss

Manhunt underway for terrorist who shot 2 dead, injured multiple in Tel Aviv

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.

Why the meme-stock frenzy is unlikely to repeat

Published

3 days ago

May 14, 2024

Nathan Langridge

GME shares surge 74%, but experts stress a meme-stock frenzy resurgence is unlikely due to fundamental differences in the company’s financial situation.

Australia’s budget unveils a second consecutive surplus of A$9.3 billion, prioritising the critical minerals industry and green energy initiatives to reduce reliance on Chinese supply.

Also, GameStop shares have surged 74%, but experts caution against expecting a repeat of the 2021 meme-stock frenzy. #featured #trending

Money

Why are airlines after the Biden Administration?

Published

3 days ago

May 14, 2024

Nathan Langridge

Major airlines are taking legal action against the Biden administration over a newly implemented rule requiring them to disclose fees upfront.

On this episode of Hot Shots – Major airlines are suing the Biden Administration, AI-piloted fighter jets, SpaceX faces funding challenges, and Apple receives crushing feedback.

Ticker’s Ahron Young & Veronica Dudo discuss. #featured #trending

Money

The mounting pressure on Government spends

Published

4 days ago

May 13, 2024

ticker NEWS

Questions abound regarding the factors fueling this inflation surge in Australia and whether it correlates with the escalating government expenditures.

Concerns extend to how Chalmers navigates the mounting pressure amid discrepancies in spending allocations.

Moreover, as Australians grapple with the reality of rising living costs, the feasibility of cutting spending becomes a pressing issue. Additionally, amidst economic uncertainties, individuals seek guidance on managing stock market risks effectively. #Featured #Trending