Oil major Shell reports sharp drop in full-year profit

Ben van Beurden, Shell chief executive
Ben van Beurden, Shell chief executive

OIL giant Shell suffered pre-tax losses of £19.8 billion last year after the coronavirus pandemic caused demand to slump.

It’s a sharp decline from pre-tax profits of £18.8bn which were recorded in 2019.

Cash flow from operating activities for 2020 was £25.1bn, a decrease of 19% year-on-year.

Ben van Beurden, Shell chief executive, said today: “2020 was an extraordinary year. We have taken tough but decisive actions and demonstrated highly resilient operational delivery while caring for our people, customers and communities.

“We are coming out of 2020 with a stronger balance sheet, ready to accelerate our strategy and make the future of energy.

“We are committed to our progressive dividend policy and expect to grow our US dollar dividend per share by around 4% as of the first quarter 2021.”

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