Shell expects to write off up to $5bn after Russia exit

London, April 7, 2022

British oil and gas giant, Shell, expects to write off up to five billion U.S. dollars post-tax in asset values in the first quarter of 2022 after exiting Russia.

The company said in a statement on Thursday that the cash flow from operations is expected to be negatively impacted.

It will be impacted by very significant working capital outflows as price increases impacting inventory have led to a cash outflow of around seven billion U.S. dollars.

LNG liquefaction volumes are expected to be between 7.7 and 8.3 million tonnes.

Trading and optimisation results for Integrated Gas for the first quarter of 2022 are expected to be higher compared to the fourth quarter 2021