Royal Dutch Shell said on Thursday that it posted a loss of $18.4bn in the second quarter of this year, compared to a profit of $3.5bn in the same period of 2019.
The oil major said its Q2 write-downs included the Oil Prospecting Licence 245 for an offshore oil block in Nigeria which it holds alongside Eni and which is at the centre of an ongoing corruption court case in Italy.Italian prosecutors have asked for oil majors Eni and Shell to be fined and some of their present and former executives, including Eni Chief Executive Officer, Claudio Descalzi, to be jailed in a long-running trial over alleged corruption in Nigeria.
The company warned that the outlook for oil demand continued to be uncertain and that its integrated gas unit faced a greater financial hit in Q3 due to a lag in the impact of oil prices on oil-linked contracts The company’s debt gearing ratio rose to 32.7 per cent at the end of the first half of 2020, up from 28.9 per cent at the end of Q1 and 27.6 per cent at the end of June 2019.
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