Oil major Shell to write down up to $22 billion of assets in second quarter

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fairly difficult
News of the charges, in the range of $15 billion-$22 billion, follow the energy company's plans to reduce greenhouse gas emissions to net zero by 2050.
A detailed view of a Shell gas station sign showing the low price of $1.69 per gallon, the result of the coronavirus (COVID-19) outbreak on March 31, 2020 in Jacksonville, Fl.

Oil giant Royal Dutch Shell said on Tuesday it will write down the value of its assets by up to $22 billion in the second quarter, after revising down its long-term outlook for oil and gas prices.

It comes after the energy company announced in mid-April an ambition to reduce greenhouse gas emissions to net zero by 2050.

Shell said in a statement to investors that it had reviewed a significant portion of its business given the impact of the coronavirus pandemic and the "ongoing challenging…
Sam Meredith
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