Shell is set to benefit from the higher commodity prices in the first quarter of 2021, but earnings will be adversely impacted by up to $200 million from the Texas Freeze in February, which hit the supermajor’s upstream, refining, and chemicals businesses. The Texas winter storm had an impact on Shell’s operations and is expected to have an aggregate adverse impact of up to $200 million on adjusted earnings, the company said in a Q1 update note on Wednesday.
The impact would be up to $40 million on the upstream segment, up to $80 million…Texas Freeze To Hit Shell’s Q1 Earnings
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