Shell Expects to Book Up to $2 Billion in Writedowns in Q2

Shell expects to take up to $2 billion in impairments for the second quarter, due to the sale of its Singapore refinery and the decision to temporarily halt construction of a biofuels plant in the Netherlands, the UK-based supermajor said on Friday. Shell, which reports second-quarter earnings on August 1, expects non-cash post tax impairments of between $1.5 billion and $2 billion, it said in its regular quarterly update note, which gives an overview of the company’s current expectations for the second quarter. The impairments…