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Shell and Total’s financial results for Q2 defy expectations

by ChemOrbis Editorial Team -
  • 31/07/2020 (10:09)
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.
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