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Shell annual profits up 242% to £8.5bn as oil prices rise

Royal Dutch Shell has reported a surge in annual profits to £8.5bn – a leap of 242% on the previous year. The Anglo-Dutch oil major credited the performance on a recovery in oil and gas prices during a “year of transformation” within the business. Underlying earnings – which reflect day-to-day operations and strip out one-off costs – more than doubled to £11.2bn and were aided by a £3bn contribution during the final three months of the year. The company said: “Full-year earnings benefited mainly from higher realised oil, gas and liquefied natural gas (LNG) prices, improved refining performance and higher production from new fields, which offset the impact of field declines and divestments.” FULL ARTICLE

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