Shell warns of up to $22bn hit on assets from oil and gas slump

FINANCIAL TIMES đź”’| Royal Dutch Shell will slash up to $22bn from the value of its assets as the oil major warned coronavirus would deal a lasting blow to demand for energy products and the global economy.

The Anglo-Dutch group cut its oil and gas price outlook, vowing to “adapt to ensure the business remains resilient”.

The company said lower prices would lead to post-tax, non-cash impairment charges of $15bn to $22bn in the second quarter. Its shares dropped roughly 1.5 per cent in morning trading on Tuesday.

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