Shell’s 2018 profits soar to four-year high

LONDON: Royal Dutch Shell’s profits jumped by more than a third in 2018 to $21.4 billion, the highest since 2014, as the oil and gas producer vowed to stick to spending discipline. The Anglo-Dutch company also reported a sharp rise in cash generation, in a further sign that cost savings since the 2014 downturn are filtering into its operations. “We delivered on our promises for the year, including the completion of the $30 billion divestment programme and starting up key growth projects while maintaining discipline on capital investment,” Chief Executive Officer Ben van Beurden (pictured) said in a statement. “We will continue with a strong delivery focus in 2019, with a disciplined approach to capital investment and growing both our cash flow and returns,” he added. Shell’s 2018 profits rose 36 per cent to $21.4 billion, beating the $20.98 billion in a company-provided forecast. In the fourth quarter net income attributable to shareholders, based on a current cost of supplies (CCS) and excluding identified items, rose 32 per cent to $5.69 billion as cost cuts filtered through. — AFP