Shell To Write Down Up To $22 bn After Coronavirus Hit

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Royal Dutch Shell (RDSa.L) said on Tuesday it would write off assets worth up to $22 billion after the coronavirus crisis knocked oil and gas demand and weakened the energy price outlook. The impairments follow the Anglo-Dutch company’s decision to shift from fossil fuel and reduce its greenhouse gas emissions to net zero by 2050, as laid out by CEO Ben van Beurden in April. Global travel restrictions to prevent the virus spreading affected more than 4 billion people at one point, taking cars off the roads and grounding planes, driving down fuel demand.