Shell profit soars to USD23 billion in 2018

LONDON (AFP) – Royal Dutch Shell yesterday ssssaid that net profit surged 80 per cent to USD23.4 billion in 2018, thanks to higher oil prices and cost cuts.

Profit after tax had come in at almost USD13 billion in 2017, Shell said in a statement.

“We delivered on our promises for the year, including the completion of the USD30 billion divestment programme and starting up key growth projects while maintaining discipline on capital investment,” Shell Chief Executive Ben van Beurden said.

Oil prices jumped last year on tight supply concerns but have since fallen back sharply, in line with volatility seen across financial markets.

Royal Dutch Shell Chief Executive Ben van Beurden. – AFP