Shell Q4 results seal dismal year
Steep losses from the oil crash of 2020 were expected and eyes have already turned to renewables strategy
It was almost an anti-climax when Shell posted a £2.9bn ($4bn) loss in its Q4 2020 results. Investors are far more interested in the company’s renewable strategy, to be unveiled this week. It means Shell has declared a total net loss of £16bn for the financial year 2020, after the Covid-19 pandemic sent demand plummeting. The world where oil companies raked in huge profits in fossil fuels has gone, and investors want to know what Shell is going to do about it. Pension funds in particular have also been used to the cash flow from the oil business and will be eagerly awaiting the unveiling of Shell’s strategy to grab market share in the green energy economy. Shell is bullish about its future p
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