SHEL - Shell Absorbs Charges Pauses Project: Q2 Outlook Dims With Impairments and Biofuels Halt | Benzinga
Shell plc (NYSE:SHEL) shares are trading higher premarket today. The British energy company updated its operational outlook for the second quarter of FY24.
The company expects to incur non-cash post tax impairments of $1.5 – $2 billion in the quarter, including $0.6 billion – $0.8 billion in Singapore Chemicals & Products assets and $0.6 billion – $1.0 billion in Rotterdam HEFA assets.
Notably, this week, Shell stated that it is temporarily pausing construction at its 820,000 tonnes-per-year biofuels facility in Rotterdam to address project delivery and ensure future competitiveness amid current market conditions.
Outlook Revised: For Integrated Gas, the company updated the production outlook to be 940 – 980 thousand boe/d (vs. 920 – 980 thousand Full story available on Benzinga.com