SHELL posted a massive loss of almost $20 billion for the full year of 2020 as the Covid-19 pandemic took its toll on operations of the Anglo-Dutch supermajor, with the upstream unit recording almost $6.5 billion of writedowns. The $19.92 billion annual loss on a current cost of supply basis - the measure generally tracked by analysts - was down 230% on the $15.27 billion profit recorded in 2019. In the fourth quarter of the year, Shell recorded a loss of $4,478 billion, a big fall on the $871 million profit recorded in the same three months one year prior and down on the $177 million profit in the third quarter of 2020. The annual results were hurt by $6,447 billion of impairment charges on the value of its offshore assets in the US Gnlf of Mexico, Brazil, Nigeria and Europe, as well as unconventional assets in North America.
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