Shell to take up to $5 billion impairment over Russia operations
The oil-and-gas major said pretax depreciation will be $1.2 billion-$1.4 billion for the integrated gas division, $2.8 billion-$3.1 billion for upstream, $700 million-$900 million for oil products, and $250 million-$300 million for the chemicals business.
Shell SHEL, -1.97% SHEL, +0.71% said these impairment charges are expected to be identified, and therefore won’t impact adjusted earnings. The results will be published on May 5. Trading and optimization profits are expected to increase compared with the fourth quarter. Production from the upstream business is expected to be between 1.90 million and 2.05 million oil-equivalent barrels a day.
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