“Shell’s move follows BP’s decision to wipe off up to

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uk canada goose outlet The Anglo Dutch company has already been preparing a major overhaul after CEO Ben van Beurden laid out plans in April to reduce Shell’s greenhouse gas emissions to net zero by 2050.Shell, which has a market value of $126.5 billion, said it would take an aggregate post tax impairment charge of $15 billion to $22 billion in the second quarter.Its shares were down 2% by 0820 GMT.Credit Suisse analyst Thomas Adolff said the second quarter would be the toughest for many companies and Shell had sent a “wake up call.”Shell’s move follows BP’s decision to wipe off up to $17.5 billion from its assets, as it responds to the coronavirus crisis and shifts to low carbon energy.Shell responded to the epidemic by cutting its dividend for the first time since World War Two and cutting spending in 2020 to a maximum of $20 billion from $25 billion. It aims to announce its restructuring plan by the end of 2020.LOWER PRICESShell reduced its expected average benchmark Brent crude price for 2020 to $35 a barrel from $60, and cut its 2021 and 2022 forecasts to $40 and $50, respectively, also down from $60.Shell said its long term oil price outlook was now $60. That compares to BP which cut its long term Brent forecast to $55 from $70, while other rivals still have higher projections.The Anglo Dutch group cut its long term refining profit margin outlook by 30% and set its long term natural gas price at $3 per million British Thermal Units (BTUs) uk canada goose outlet.

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