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Shell boosts oil and gas asset value




According to Shell, its energy prices outlook improved after the Russian invasion of Ukraine, which led to a $4.5 billion writedown.



The company reported on July 28 that its refining margins nearly tripled over the quarter, as global demand recovered from the pandemic, refining capacity was lacking, and Russian fuel exports were down.



Shell shares were up 0.6 percent at 8:50 a.m. GMT, significantly lower than the 2.4 percent gains to the broader energy index.



Shell’s indicative refining margin rose in the second quarter to $28.04 per barrel from $10.23 a barrel in the first quarter and $4.17 a year earlier.



Shell expects strong earnings from oil and refined products trading in the quarter, but a lower level than in the first quarter of 2022.



8 July 2022

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