“For the results of the first quarter of 2022, the impact of impairment of fixed assets after tax and additional fees (such as write-offs, expected credit losses and onerous contracts) related to activities in Russia is expected to be four to five billion dollars,” he said on Thursday. Shell, which previously estimated the losses associated with leaving Russia at $ 3.4 billion.
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However, the company benefited from rising oil and gas prices in the first quarter. Oil sold at an average price of more than $ 100 a barrel, the most since 2014, while European gas prices have reached a record high. The company will publish the results for the first quarter together with the detailed effects of the war in Ukraine on May 5.
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The world’s largest liquefied natural gas (LNG) trader said LNG trading profits are expected to be higher in the quarter than in the previous three months. Profits from oil trading are expected to be “significantly higher” in the quarter.
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The beginning of 2022 marked one of the most turbulent periods of the last decade for the oil and gas industry.
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Western companies, including Shell, quickly withdrew from Russia, severing ties and ending their joint ventures there. On March 8, Shell announced that it would stop buying Russian oil and natural gas, close its gas stations in the country and end other business activities in Russia.
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