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Shell to Write Down as Much as $5 Billion on Russia Exit

  • London-based major reports first-quarter results expectations
  • Earnings from oil and gas trading units likely to be higher
Updated on

Shell Plc said its withdrawal from Russia will result in $4 billion to $5 billion of impairments, while also warning investors that extreme energy price volatility in the first quarter could hit cash flow. 

The statement from the London-based giant shows that, despite a surge in oil and gas prices, Russia’s invasion of Ukraine has upended the supermajors’ plans and left them scrambling to adapt to historic shifts in energy markets.