Shell has managed to narrowly avoid a stinging quarterly loss this quarter with the help of a trading unit which was able to exploit the violent swings in oil prices to turn a huge profit. Chaos in the energy markets, triggered by the virus, has broadly been bad for oil supermajors like Shell. But it has been good for their trading divisions. The London-listed oil giant scraped a meagre profit on Thursday, posting adjusted profits of $600m (£453m) in the second quarter, down more than 82pc from $3.5bn a year ago. Analysts had predicted that the company would fall to its first quarterly loss in more than a decade, but instead Shell’s trading business came to its rescue, capitalising on the volatility of recent months.
Telegraph 30th July 2020 read more »
Royal Dutch Shell fell to a record $18.4 billion loss in the second quarter after the pandemic hit oil and gas prices and forced the group to cut its price forecasts. The Anglo-Dutch oil giant, which reported a $3 billion profit in the same period a year earlier, booked $16.8 billion of impairment charges on its assets as a result of its new price outlook.
Times 31st July 2020 read more »