Energy giant Shell to take up to $2 billion in writedowns on its Rotterdam and Singapore plants

The oil giant also anticipates a second non-cash after-tax writedown of $600 million to $800 million after agreeing to sell its Singapore refining and chemicals plant in May.

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

“There’s something for everyone in this release,” RBC Capital Markets analysts said in a note Friday, noting that among major sectors and operations, liquefied natural gas volumes were “in line with expectations, while upstream production was stronger than previously expected and oil trading surprised to the upside.”

In contrast, RBC reported “higher corporate costs and a neutral result from the chemicals division.”