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Shell Reports Amount Of Adverse Impact To Earnings From Texas Winter Event
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Shell in a statement today said that, "The Texas winter storm had an impact on our operations and is expected to have an aggregate adverse impact of up to $200 million on Adjusted Earnings, individual segmental impacts are further detailed below."
The statement was made as an update to the first quarter 2021 outlook provided in the fourth quarter results announcement on February 4, 2021.
"The impacts presented here may vary from the actual results and are subject to finalisation of the first quarter 2021 results. Unless otherwise indicated, presented impacts relate to Adjusted Earnings on a post-tax basis," Shell said
Shell said that in its Integrated Gas segment, "Trading and optimisation results are expected to be significantly below average." However, in this segment, "Operational and net financial impact from the Texas winter storm is expected to be limited as trading margins are offset by provisions due to related counterparty credit risk."
Shell said, for its Upstream segment, "Total Adjusted Earnings are expected to be adversely impacted by up to $40 million due to operational impacts of the Texas winter storm."
Shell said that, for its Oil Products segment, "Total Adjusted Earnings are expected to be adversely impacted by up to $80 million due to operational impacts of the Texas winter storm."
Shell said that, for its Chemicals segment, "Total Adjusted Earnings are expected to be adversely impacted by around $60 million due to operational impacts of the Texas winter storm."
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April 7, 2021
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Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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