Oil producer bolsters balance sheet amid price war between Saudi Arabia and Russia

Royal Dutch Shell has secured a $12bn (£9.7bn) loan facility to protect its shareholder payouts against an oil price crisis and the “significant uncertainty” of the coronavirus pandemic.

Shell set out the plan to bolster its balance sheet after becoming the first major oil company to update investors on the toll of tumbling oil prices on its business. It warned that the sudden oil market collapse could wipe up to $800m from its finances for the first quarter through a post-tax impairment charge.

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