Economy

Shell says annual profit nearly triples to $13 bn

Shell says annual profit nearly triples to $13 bn

That helped Europe's largest energy company to post an adjusted profit of $4.3 billion last quarter, the highest since 2014 when oil was near $100 a barrel.

CCS earnings (the oilers preferred earnings metric) came in at US$3.08bn for the quarter, up 199% from the US$1.03bn for the 2016 comparative, meanwhile, the full year number was up 242% at US$12.08bn.

Fiscal year revenue increased to $305.2 billion from $233.6 billion, previous year.

Income attributable to shareholders soared to USD12.98 billion from USD4.58 billion, while cash flow from operations was USD35.65 billion compared to USD20.62 previous year.

Income attributable to investors rose by 147% (year-on-year) in the final three months of 2017, at US$3.8bn, though the figure was some way below the third quarter figure of US$4.08bn.

Fed Leaves Rates Unchanged
Ferguson commented , "With the Fed's rate hiking cycle well underway, Chair Yellen's final FOMC meeting passed with little fanfare".

Shell has maintained its annual dividend at USD1.88 per share, flat on a year ago, as expected.

"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", the company said.

Van Beurden, in the statement, said: "We reported strong earnings for the quarter underpinned by continued delivery momentum". Our relentless focus on value, performance and competitiveness meant we were able to deliver USD39 billion of cash flow from operations excluding working capital movements from our upgraded portfolio.

The Anglo-Dutch oil giant said the "transformation" following its 2016 mega-merger with BG Group and $30bn portfolio overhaul has reopened flows of cash back into the business as oil prices soared to over $65 a barrel past year, from under $30 a barrel at its lowest point in early 2016.


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