Shell profit soars to US$23 billion in 2018

A picture shows the logo of Anglo-Dutch oil giant Shell during the World Gas Conference exhibition in Paris on June 2, 2015. (AFP pic)

LONDON: Royal Dutch Shell on Thursday said that net profit surged 80% to US$23.4 billion in 2018, thanks to higher oil prices and cost cuts.

Profit after tax had come in at almost US$13 billion in 2017, Shell said in a statement.

“We delivered on our promises for the year, including the completion of the US$30 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.