​Rising oil prices help Shell more than double Q4 earnings

Image: Joey Podlubny/JWN

LONDON — Energy giant Shell says its fourth-quarter earnings more than doubled as oil prices surged and the company benefited from prior cost cutting.

Royal Dutch Shell said Thursday that net income jumped to $3.81 billion from $1.54 billion in the same quarter a year earlier. The figure is in line with analyst forecasts.

Earnings excluding one-time items and fluctuations in the value of inventories — the industry's favoured measure of performance — rose 140 per cent to $4.3 billion. The average price Shell received for its oil rose 24 per cent from a year earlier to $55.28 a barrel.

Shell and other oil companies were forced to cut costs after oil prices plunged to less than $30 a barrel in 2016, having traded above $100 two years earlier.

© 2018 The Canadian Press