By Ron Bousso
LONDON (Reuters) – Shell will write down up to $5 billion in the first quarter as a result of its decision to exit Russia, higher than previously disclosed, while its oil and gas trading activities are set to get a boost from soaring energy prices, the company said on Thursday.
The post-tax impairments of between $4 billion and $5 billion in the first quarter will not impact the company’s earnings, Shell said in an update ahead of its earnings announcement on May 5. It had previously said the Russia write-downs would reach around $3.4 billion
Shell, the world’s largest liquefied natural gas trader, said earnings from LNG trading were expected to be higher in the quarter from the previous three months. Earnings from oil trading are set to be “significantly higher” in the quarter.
(Reporting by Ron Bousso; Editing by Jason Neely and David Holmes)
