Shell dives to $18.1bn Q2 loss on virus-hit oil market

LONDON :  Energy major Royal Dutch Shell posted Thursday a colossal net loss of $18.1 billion (15.4 billion euros) for the second quarter, blaming massive asset writedowns on the coronavirus-hit oil market outlook.

The performance, contrasting sharply with profit after tax of $3.0 billion a year earlier, was sparked by a $16.8-billion charge “in response to the COVID-19 pandemic and macroeconomic conditions as well as energy market demand and supply fundamentals”, Shell said in a results statement.