Shell Takes Write-Down Of $1.7-$2.3 Billion Due To Weak Market Fundamentals For Oil & Gas

摘要

International oil& gas giant Royal Dutch Shell announced that it would take a $1.7-$2.3 billion write down for the fourth quarter, underlining the compulsions of an industry dealing with oversupply and low prices. The write down is the result of the bad 'macro outlook,' Shell said in a press release, which refers to the slowdown in the global economy, weak demand growth and relatively low prices for gas, oil and for refining margins.'Additional well writeoffs in the range of $100-200 million are expected compared to the fourth quarter 2018. No cash impact is expected,' Shell said in a statement. The company's share price in London fell on Dec 22 by 1 percent on the news.