Shell and Total’s financial results for Q2 defy expectations
by ChemOrbis Editorial Team - content@chemorbis.com
Royal Dutch Shell and Total avoided predicted losses in the second quarter as strong crude and oil products trading partially offset demand collapse triggered by the COVID-19 pandemic.
Shell said that earnings were underpinned by strong oil trading, optimisation results as well as lower operating expenses.
The Anglo-Dutch company reported a drop of 82% in adjusted earnings at $638 million for the second quarter of 2020, while adjusted profits of France’s Total fell by 96% to $126 million. This defied analysts’ expectations calling for respective losses of $664 million and $443 million.
The underlying figures exclude tens of billions of dollars of writedowns on the value of the companies’ assets, meanwhile.
Shell said that earnings were underpinned by strong oil trading, optimisation results as well as lower operating expenses.
The Anglo-Dutch company reported a drop of 82% in adjusted earnings at $638 million for the second quarter of 2020, while adjusted profits of France’s Total fell by 96% to $126 million. This defied analysts’ expectations calling for respective losses of $664 million and $443 million.
The underlying figures exclude tens of billions of dollars of writedowns on the value of the companies’ assets, meanwhile.
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