The oil giant Shell lost $21.6 billion in 2020 as, like its rival BP, it was hit by a collapse in oil prices.
The loss was larger than the City had expected. Stripping out the changes in the value of inventory, the oil industry’s favoured measure of profit, Shell reported a loss of $19.9 billion.
The oil company was forced to write down its assets following a slump in oil and gas market prices, leading the company to a loss of $19.9bn compared with a profit of $15.3bn the year before.
Despite the loss Shell reiterated its commitment to a progressive dividend policy.
“We expect to grow our US dollar dividend per share by around 4 per cent as of the first quarter 2021,” Ben van Beurden, chief executive of Shell, said.