Energy giant Shell to take up to a $2 billion impairment hit on Rotterdam, Singapore plants

The oil major also anticipates a second non-cash post-tax impairment of $600-800 million after agreeing to divest its Singapore refining and chemicals plant back in May.

Separately, the company said it now expects the second-quarter performance of trading and optimization in the core gas division to come in line with the same period of last year but below the first quarter of 2024 “due to seasonality.”

“There is something for everyone in this release,” analysts at RBC Capital Markets said in a Friday note, signaling that, among core areas and operations, volumes of liquefied natural gas were “as expected, while upstream production was stronger than previously guided, and oil trading surprised to the upside.”

On the downside, RBC flagged “higher corporate costs and a neutral result from the chemicals division.”