Royal Dutch Shell today posted a significant asset impairment of 16.8 million post-tax. Net losses amount to $18.1 billion, mainly from write-down on assets such as Queensland Curtis LNG and the Prelude FLNG hull, compared with a profit of $2.99 billion, the oil major said in an update to its Q2-2020 outlook.
MAN Energy Solutions is restructuring. Plans are to cost cuts of 450 million Euros, partly through layoffs, with the aim of improving the OEM’s cash position and liquidity, and achieve a 9% operating margin by 2023. Steam turbine production in Hamburg will come to an end, and MAN also considers closing its production in Berlin.
Natural gas demand in the United States has plunged over Covid-related lockdowns but analysts say “late July and August will be a litmus test for just how much industrial demand has recovered.” August is a month without a U.S. federal holiday, so baseload demand might return to “more normal levels.”