A Shell tanker truck delivers fuel to a gas station, operated by Royal Dutch Shell Plc., in Rotterdam, Netherlands.
Jasper Juinen | Bloomberg | Getty Images
Royal Dutch Shell said on Monday it will write down $3.5 to $4.5 billion in the value of oil and gas assets in 2021, the latest in a string of impairments this year as it adjusts to a weaker outlook.
In an update ahead of its fourth-quarter results, the Anglo-Dutch company said it expects oil and gas production in its upstream division to be around 2.275 and 2.350 million barrels of oil equivalent per day, impacted by the closure of platforms in the Gulf of Mexico due to hurricanes as well as mild weather in Northern Europe.
Oil refinery utilization is expected to be at between 72% and 76% of capacity, reflecting continued weak demand due to the coronavirus pandemic.
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December 21, 2020 at 02:25PM
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Shell writes down up to $4.5 billion in oil and gas assets - CNBC
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