Royal Dutch Shell’s adjusted earnings dropped 71% year-on-year to $4.8 billion in 2020, the company announced on Thursday.
Its fourth-quarter profit was down 87% from a year earlier because of continued weak energy consumption due to the pandemic.
The company also underlined that LNG prices were significantly lower in the fourth quarter of 2020.
"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," said Ben van Beurden, CEO of Shell.
"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," he added.
By Murat Temizer