Royal Dutch Shell said Thursday that a major recovery in oil prices enabled it to nearly triple profits in 2017. The Anglo-Dutch energy giant said in a statement that net or bottom-line earnings soared to just under $13 billion last year from $4.6 billion in 2016, with fourth-quarter profits leaping 147 percent to $3.8 billion. Shell said its performance was boosted particularly by rising oil prices, which tend to ramp up revenues and profits for energy majors.
"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.
Profit adjusted for exceptional items and the changing value of oil and gas inventories surged to $12.1 billion in 2017, from $3.5 billion last time around. Annual production stood at 3.66 million barrels of oil equivalent per day, which was broadly similar to 2016 as growth was offset by divestments. Revenues soared by almost a third to $305 billion.
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