Shell profits sink to 20-year low

Profits at Shell have dropped to their lowest in at least two decades.

The oil giant has been battered by tumbling demand for energy amid the global health crisis.

That saw adjusted earnings for 2020 slump 71% to 4.8 billion dollars.

Even so, that's better than the huge losses posted by some rivals.

Shell was helped by resilient trading at its network of more than 45,000 filling stations, where it also operates convenience stores.

Like other oil majors, Shell is responding to the tough environment with big spending cuts.

It's also planning a restructuring as part of a plan to cut its greenhouse gas emissions to net zero over the next 30 years.

The firm plans to cut 9,000 jobs as it makes the shift to low-carbon energy.

Shell shares collapsed in 2020, hitting their lowest in more than a quarter of a century.

They have recovered slightly since, but are still down 40% since the end of 2019.