Shell Faces $400 mln Writedown on Russian Downstream Assets

Reuters2022-03-10

LONDON, March 10 (Reuters) - Shell faces writedowns on $400 million in Russian downstream assets, it said on Thursday, having announced $3 billion worth of other projects previously.

The oil major announced on Feb. 28 that it would quit its ventures in Russia with Gazprom and related entities including the flagship Sakhalin 2 liquefied natural gas $(LNG.AU)$ plant and the Nord Stream 2 pipeline project.

"It is expected that these decisions ...will impact the carrying value of the related assets and lead to recognition of impairments in 2022," Shell said in its annual report on Thursday.

The downstream assets come on top of $3 billion mentioned in its Feb. 28 announcement, a company spokesperson said.

Shell's looming writedowns come amid a mass exodus of western oil majors, which includes BP facing a $25 billion writedown for its planned divestment of Russian assets.

France's TotalEnergies has said it is sticking with its Russian investments.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

tj1888
2022-03-10
tj1888
Just writing to gain coins, thanks.
7f1c4e97
2022-03-10
7f1c4e97
Oic
wisley
2022-03-10
wisley
Gg
ThinkOrSwim
2022-03-10
ThinkOrSwim
Wait till they make a comeback selling cheap Russian oil they scooped from this fallout.
claratan
2022-03-10
claratan
Wow
BlueDaisy
2022-03-10
BlueDaisy
Haha, TOTAL is not quiting Russia

Leave a comment

107

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2218257818?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2022-03-10 18:12","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2218257818","market":"us","top_or_hot":-1,"title":"Shell Faces $400 mln Writedown on Russian Downstream Assets","media":"Reuters","content":"<html><head></head><body><p>LONDON, March 10 (Reuters) - Shell    faces writedowns on $400 million in Russian downstream assets, it said on Thursday, having announced $3 billion worth of other projects previously.</p><p>The oil major announced on Feb. 28 that it would quit its ventures in Russia with Gazprom    and related entities including the flagship Sakhalin 2 liquefied natural gas <a href=\"https://laohu8.com/S/LNG.AU\">$(LNG.AU)$</a> plant and the Nord Stream 2 pipeline project.</p><p>&#34;It is expected that these decisions ...will impact the carrying value of the related assets and lead to recognition of impairments in 2022,&#34; Shell said in its annual report on Thursday.</p><p>The downstream assets come on top of $3 billion mentioned in its Feb. 28 announcement, a company spokesperson said.</p><p>Shell&#39;s looming writedowns come amid a mass exodus of western oil majors, which includes BP    facing a $25 billion writedown for its planned divestment of Russian assets.</p><p>France&#39;s TotalEnergies    has said it is sticking with its Russian investments.</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Shell Faces $400 mln Writedown on Russian Downstream Assets</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nShell Faces $400 mln Writedown on Russian Downstream Assets\n</h2>\n\n<h4 class=\"meta\">\n\n2022-03-10 18:12 北京时间&nbsp;&nbsp;&nbsp;<strong>Reuters</strong>\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>LONDON, March 10 (Reuters) - Shell    faces writedowns on $400 million in Russian downstream assets, it said on Thursday, having announced $3 billion worth of other projects previously.The oil major ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"","article_id":"2218257818","we_media_id":"1036604489","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2218257818","pubTimestamp":1646907170,"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"summary":"LONDON, March 10 (Reuters) - Shell    faces writedowns on $400 million in Russian downstream assets,","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"壳牌面临400美元俄罗斯下游资产减记","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"LNG":1,"RYDAF":0.9},"content_text":"LONDON, March 10 (Reuters) - Shell    faces writedowns on $400 million in Russian downstream assets, it said on Thursday, having announced $3 billion worth of other projects previously.The oil major announced on Feb. 28 that it would quit its ventures in Russia with Gazprom    and related entities including the flagship Sakhalin 2 liquefied natural gas $(LNG.AU)$ plant and the Nord Stream 2 pipeline project.\"It is expected that these decisions ...will impact the carrying value of the related assets and lead to recognition of impairments in 2022,\" Shell said in its annual report on Thursday.The downstream assets come on top of $3 billion mentioned in its Feb. 28 announcement, a company spokesperson said.Shell's looming writedowns come amid a mass exodus of western oil majors, which includes BP    facing a $25 billion writedown for its planned divestment of Russian assets.France's TotalEnergies    has said it is sticking with its Russian investments.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":635895431,"gmtCreate":1646922710535,"gmtModify":1676532824617,"author":{"id":"3586170583260442","authorId":"3586170583260442","name":"tj1888","avatar":"https://static.tigerbbs.com/be489dd8feb1571d03f7d7bb02d2cb53","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3586170583260442","idStr":"3586170583260442"},"htmlText":"Just writing to gain coins, thanks.","listText":"Just writing to gain coins, thanks.","text":"Just writing to gain coins, thanks.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/635895431","repostId":2218257818,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":9038767360,"gmtCreate":1646920849846,"gmtModify":1676534177185,"author":{"id":"4107161820881570","authorId":"4107161820881570","name":"7f1c4e97","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"4107161820881570","idStr":"4107161820881570"},"htmlText":"Oic","listText":"Oic","text":"Oic","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038767360","repostId":2218257818,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9038760163,"gmtCreate":1646919344979,"gmtModify":1676534176861,"author":{"id":"3561443675471397","authorId":"3561443675471397","name":"wisley","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0,"authorIdStr":"3561443675471397","idStr":"3561443675471397"},"htmlText":"Gg","listText":"Gg","text":"Gg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038760163","repostId":2218257818,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9038785284,"gmtCreate":1646918563269,"gmtModify":1676534176793,"author":{"id":"4107161170881400","authorId":"4107161170881400","name":"ThinkOrSwim","avatar":"https://static.itradeup.com/news/456b9d740a0500cd2e7af1a1332c61de","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"4107161170881400","idStr":"4107161170881400"},"htmlText":"Wait till they make a comeback selling cheap Russian oil they scooped from this fallout.","listText":"Wait till they make a comeback selling cheap Russian oil they scooped from this fallout.","text":"Wait till they make a comeback selling cheap Russian oil they scooped from this fallout.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038785284","repostId":2218257818,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9038783790,"gmtCreate":1646917724254,"gmtModify":1676534176697,"author":{"id":"3573731928321338","authorId":"3573731928321338","name":"claratan","avatar":"https://static.tigerbbs.com/9c6bbdac9048ff2e4b740f272576e2be","vip":1,"crmLevel":3,"crmLevelSwitch":0,"authorIdStr":"3573731928321338","idStr":"3573731928321338"},"htmlText":"Wow&nbsp;","listText":"Wow&nbsp;","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038783790","repostId":2218257818,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9038707722,"gmtCreate":1646909007177,"gmtModify":1676534175828,"author":{"id":"3582677971530678","authorId":"3582677971530678","name":"BlueDaisy","avatar":"https://static.tigerbbs.com/0747094283743978b62fb8b1ee2cf44c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3582677971530678","idStr":"3582677971530678"},"htmlText":"Haha, TOTAL is not quiting Russia&nbsp;","listText":"Haha, TOTAL is not quiting Russia&nbsp;","text":"Haha, TOTAL is not quiting Russia","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038707722","repostId":2218257818,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":107,"commentSize":6,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2218257818"}