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.
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