Shell earnings rise on the back of higher oil prices
LONDON (AP) — Anglo Dutch energy giant Shell says its fourth-quarter earnings rose 32 percent as the company took advantage of higher oil prices following years of streamlining operations.
Earnings excluding one-time items and fluctuations in the value of inventories — the industry’s favored measure of performance — rose to $5.69 billion in the final three months of 2018 from $4.30 billion in the same period a year earlier. Net income jumped 47 percent to $5.59 billion.
Shell is benefiting from a rebound in energy prices after it slashed costs and reined in investment when crude oil plunged to less than $30 a barrel in 2016.
But the company says it is bracing for a decline in first-quarter production in its integrated gas and upstream divisions because of the divestments.
The Western Journal has not reviewed this Associated Press story prior to publication. Therefore, it may contain editorial bias or may in some other way not meet our normal editorial standards. It is provided to our readers as a service from The Western Journal.
Truth and Accuracy
We are committed to truth and accuracy in all of our journalism. Read our editorial standards.
Advertise with The Western Journal and reach millions of highly engaged readers, while supporting our work. Advertise Today.
