LONDON (Reuters) - Royal Dutch Shell ( RDSa.L ) could usurp its largest rival Exxon Mobil ( XOM.N ) as the energy sector’s biggest cash generator after higher oil and gas prices combined with an improved performance lifted its 2017 revenue.
Chief Executive Ben van Beurden has made no secret of his desire to challenge the dominance of the world’s largest listed oil company after its $54 billion purchase of BG Group in 2016 catapulted Shell into second place in terms of production.
The Anglo-Dutch company on Thursday reported a more than doubling of Profit in 2017 to $16 billion, the highest since the start of the 2014 downturn as the effect of years of costs cuts and the integration of BG Group filtered through.
But Shell also plans to double its shale production in the United States, Canada and Argentina in the next 5-10 years from the current 275,000 barrels per day, Chief Financial Officer Jessica Uhl said.
Shell’s fourth-quarter profit, based on a current cost of supplies (CCS) and excluding identified items, rose by 140 percent to $4.3 billion, slightly ahead of forecasts.
- Shell Profit Triples but Cash Flow DisappointsWall Street Journal
- Shell is flush enough to afford mistakesBreakingviews
- Shell's 2017 profits more than doubleReuters UK
- Shell 'transformation' doubles profits as oil recovery takes holdTelegraph.co.uk
- Shell Q4 profits surge despite $2bn US tax reform hitFinancial Times
- Shell says annual profit almost triples to US$13bMalay Mail
- Oil rally proves double-edged sword for Royal Dutch ShellIrish Times
- Shell quarterly earnings more than doubleHong Kong Standard (press release)
- Shell income up 242% to £eight.5bn as oil recoversLockport Press
