Shell upgrades value of oil and gas assets by up to $4.5 billion

LONDON (Reuters) - Shell on Thursday said it will reverse up to $4.5 billion in writedowns on oil and gas assets after it raised its outlook for energy prices in the wake of Russia's invasion of Ukraine.

In an update ahead of its second quarter results on July 28, Shell said its indicative refining margin nearly tripled in the second quarter to $28.04 per barrel from $10.23 a barrel in the first quarter and $4.17 a year earlier.

"In the second quarter 2022, Shell has revised its mid and long-term oil and gas commodity prices reflecting the current macroeconomic environment as well as updated energy market demand and supply fundamentals," it said.

(Reporting by Ron Bousso; editing by Jason Neely)