Shell Says Fuel-Refining Margins Could Add $1 Billion to Quarterly Earnings
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LONDON—Shell PLC said it expects strong second-quarter profit from higher fuel-refining margins that could add more than $1 billion to earnings, while forecasts for sustained high energy prices boosted the value of its oil and gas holdings.

The London-based oil major said Thursday that it expects the outlook for energy prices will allow the company to reverse between $3.5 billion to $4.5 billion in impairments it took early in the pandemic, when sagging demand had a big impact on energy-price forecasts. Demand has since come roaring back amid a resurgence in travel and other activities curtailed by Covid-19.

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