Royal Dutch Shell's profit more than doubled in 2017 to $16 billion, the highest since the start of the 2014 downturn, boosted by stronger oil and gas prices and production as well as improved performance.
The Anglo-Dutch company on Thursday reported a sharp rise in cash flow in 2017 as the effect of years of costs cuts and the integration of the $54bn acquisition of BG Group in 2016 filtered through.
"We enter 2018 with continued discipline and confidence, committed to the delivery of strong returns and cash," said the chief executive Ben van Beurden.
Oil and gas production in the fourth quarter rose from the previous quarter to 3.756 million barrels of oil equivalent per day (boed) from 3.657 million boed.
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On a yearly basis, production fell 4 per cent as a result of the sale of assets.
Benchmark Brent crude oil price recovered strongly in recent months to reach a three-year high of around $70 a barrel.
On a quarterly basis, Shell's profits, based on a current cost of supplies (CCS) and excluding identified items, rose by 140 per cent to $4.3bn, slightly ahead of forecasts. A company-provided analysts' consensus forecast was $4.24bn.
Shell in the fourth quarter scrapped its scrip dividend, an austerity policy through which investors can opt to receive dividends in shares or cash.
The move was a sign of confidence that the Anglo-Dutch company is able to maintain around $15bn in annual dividend payments without resorting to scrip or lending after a three-year oil price downturn.
Shell's debt ratio versus company capitalisation, known as gearing, dropped to 24.8 per cent from a peak of 29.2 per cent in the third quarter of 2016.
Shell took a $2bn charge due to new US tax rules, which it nevertheless expects to give it a boost in the longer-term.
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COMPANY PROFILE
Initial investment: Undisclosed
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Investors: Core42
Current number of staff: 47
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
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England squads for Test and T20 series against New Zealand
Test squad: Joe Root (capt), Jofra Archer, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Jack Leach, Saqib Mahmood, Matthew Parkinson, Ollie Pope, Dominic Sibley, Ben Stokes, Chris Woakes
T20 squad: Eoin Morgan (capt), Jonny Bairstow, Tom Banton, Sam Billings, Pat Brown, Sam Curran, Tom Curran, Joe Denly, Lewis Gregory, Chris Jordan, Saqib Mahmood, Dawid Malan, Matt Parkinson, Adil Rashid, James Vince
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Favourite book: ‘The Art of Learning’ by Josh Waitzkin
Favourite film: Marvel movies
Favourite parkour spot in Dubai: Residence towers in Jumeirah Beach Residence
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