Higher oil prices push Shell earnings up 184 per cent

Royal Dutch Shell has reported a 184 per cent increase in income for 2017, thanks in part to higher oil and gas prices.

The figures

Income rose to $12.98bn (£9.11bn) last year, compared with $4.58bn in 2016.

Basic earnings per share rose 172 per cent, from $0.58 to $1.58, and the dividend was maintained at $1.88.

The oil giant made capital investment of $24bn in 2017, down from $79.9bn the year before - however, this included $53bn related to the takeover of BG Group.

What Shell said

Chief executive Ben van Beurden said: "2017 was a year of strong financial performance for Shell. A year of transformation, in which we showed we have what it takes to deliver a world-class investment case. Our relentless focus on value, performance and competitiveness meant we were able to deliver $39bn of cash flow from operations excluding working capital movements from our upgraded portfolio.

"We strengthened our financial framework during the year through an $8 billion reduction in our net debt, while our increased free cash flow generation gave us the confidence to cancel the scrip dividend programme in the fourth quarter, in line with what we said previously.

"We reported strong earnings for the quarter underpinned by continued delivery momentum. Cash flow reflected higher tax payments and increased cash requirements in relation to our trading business. We enter 2018 with continued discipline and confidence, committed to the delivery of strong returns and cash."

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