Risk Quantum/Shell
Shell derivatives exposure rose by $15bn in 2021
Over 93% of the oil giant’s derivatives instruments were designated as current
On hedging, BP and Shell set different timelines
Shell has much larger share of derivatives classified as current than BP
In ongoing drive, Shell slashes debt by almost $8 billion
Gearing ratio down 220 basis points year to year
Shell absorbs derivatives charge as commodity prices rebound