Royal Dutch Shell Warns on Uncertainty from Pandemic, Volatile Oil Prices
March 31 2020 - 1:54AM
Dow Jones News
By Matteo Castia
Royal Dutch Shell PLC said Tuesday that it has encountered and
expects to continue seeing "significant uncertainty" associated
with the coronavirus pandemic and the recent volatility of oil
prices, but that it retains strong liquidity to navigate the
crises.
The energy conglomerate said it expects a $400 million to $800
million impairment charge in the first quarter coming from its
oil-price changes.
The company said refinery margins are seen to be lower
quarter-on-quarter too, but that marketing margins remain strong
despite the pandemic. It also said it sees reduced margins from
upstream due to "weak macro environment."
Shell said dividend payments from joint ventures and associates
are expected to be lower than in other quarters, as per their usual
seasonality.
Shell said it can leverage a total of $40 billion liquidity.
Write to Matteo Castia at matteo.castia@dowjones.com
(END) Dow Jones Newswires
March 31, 2020 02:39 ET (06:39 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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