Shell profit drops to 20-year low in 2020, raises dividend

Filled oil drums are seen at Royal Dutch Shell Plc's lubricants blending plant (PHOTO:  REUTERS)

Royal Dutch Shell’s 2020 profit dropped to its lowest in at least two decades as the pandemic hit energy consumption but the company boosted its dividend again in a sign of confidence.

Shell’s annual adjusted earnings dropped to $4.8 billion, down 71 per cent from a year earlier.

Its fourth-quarter profit was down 87 per cent from a year earlier and below expectations, dragged down by continued weak energy consumption due to the pandemic.

Shell said it expected to raise its first-quarter dividend by 4 per cent from the previous quarter.