Shell Boosts Oil and Gas Asset Value as Refining Soars

Shell Boosts Oil and Gas Asset Value as Refining Soars
The Shell petrol station in Milton Keynes, Britain on Jan. 5, 2022. Andrew Boyers/Reuters
Reuters
Updated:

LONDON—Shell said on Thursday it would reverse up to $4.5 billion in writedowns on oil and gas assets after it raised its energy prices outlook following Russia’s invasion of Ukraine.

In an update before second quarter results on July 28, Shell said its refining margins almost tripled over the period, boosted by recovering global demand from the pandemic, a lack of refining capacity, and lower fuel exports from Russia.