Royal Dutch Shell dived into a net loss of $21.7 billion in 2020, the oil giant announced Thursday, as the coronavirus pandemic slashed global energy demand.

The Anglo-Dutch group’s net loss compared with a net profit of $15.8 billion in 2019, the company said in a statement.

Shell’s result is similar to British rival BP, which on Tuesday reported a 2020 net loss of $20.3 billion.

Both companies are axing thousands of jobs in response to the economic fallout from the pandemic.