Shell writes down up to $2.3 bln on weaker economic outlook
Royal Dutch Shell said on Friday (December 20) it expected to write down up to $2.3 billion in the fourth quarter.
It's the latest major energy company forced to shrink estimates due to a weaker economic outlook.
In a trading update ahead of full year results, Shell also lowered its oil products sales forecast - pointing to its first annual slowdown in sales since at least 2014.
The Anglo-Dutch company warned in October that trade tensions between the U.S. and China - the world's two largest energy consumers - could hurt its performance.
Shell said it expected post-tax impairment charges between $1.7 billion and $2.3 billion for the quarter.
Since October, rivals Chevron, Equinor and Spain's Repsol have written down a total of around $20 billion - mostly in U.S. shale gas assets due to lower long-term gas prices.
Shell shares fell over a percent on Friday, compared with slight gains on the broader European energy index.
The energy giant, which had beaten third-quarter profit expectations on strong oil and gas trading, also warned that higher taxes would hit earnings in the fourth quarter.
