Shell makes $20bn loss as Covid crisis downgrades assets
by Jillian Ambrose from Economics | The Guardian on (#5DQXM)
Oil and gas giant says pandemic has fuelled weakest results for two decades
Royal Dutch Shell plunged to a loss of almost $20bn (14.7bn) last year after the impact of the Covid-19 pandemic on the global oil market stripped about $22bn from the value of its oil and gas assets.
The oil company was forced to write down its assets after 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.
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