Shell took a $3.9 billion posttax charge related to its Russia assets, partially offsetting strong results buoyed by surging oil and gas trading profits
LONDON— Shell PLC said it took a $3.9 billion posttax charge related to its Russia assets, the latest energy giant to document a financial hit from exiting the country following its invasion of Ukraine.
The charge, which was expected, partially offset strong results buoyed by surging oil and gas trading profits during a period of high commodity prices and volatility. Shell’s first-quarter profit on a net current-cost-of-supplies basis—a figure similar to the net income that U.S. oil companies report—was $5 billion, compared with $4.3 billion a year ago when performance rebounded from low pandemic energy demands.
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