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7 Apr 2022

Shell Expects $4 Billion-$5 Billion Hit from Exiting Russia in 1Q Results

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Shell (LON:#RDSa), the energy giant said on Thursday expects a hit to earnings of as much as $5 billion after-tax in the first quarter as a result of its abrupt exit from Russia.

After Vladimir Putin's invasion of Ukraine in February, Europe's biggest oil and gas producer announced it would relieve Russian businesses almost immediately. While it continued to buy Russian oil for its trading operations, it soon had to discontinue that, too, after outrage at its participation in an export tender by one of the country's largest producers.

The company said its adjusted earnings will still accurately reflect the company's performance, which will be heavily influenced by the surge in oil prices during the quarter. A $10 rise in Brent generates roughly $2.5 billion in Shell's adjusted earnings from oil and another $1 billion in earnings from gas, according to its latest estimates.

Shell said it expects to report production of between 1.9 million and 2.05 million barrels of oil equivalent per day, down around 50,000 boe/d due to the transfer of its Canada Shales assets to Integrated Gas. Underlying operating costs are seen at around $2.5 billion.

©Photo: Financial Times

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