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Shell Takes $22 Billion Write-Down, Expecting Lower Oil and Gas Prices

LONDON—Royal Dutch Shell PLC is writing down the value of its assets by up to $22 billion because of lower energy prices caused by the demand-sapping coronavirus pandemic.

The write-down follows one by BP PLC on a similar scale earlier this month. Lower oil and gas prices brought on by the pandemic and uncertainty over the pace of the transition to lower carbon energy have caused major oil companies to question the value of their reserves.

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