Dutch oil giant Shell has reported profits of $18.6 billion (£11.5 billion) for 2010, on the back of increased production and rising oil prices.
Profits were nearly double that of last year, with earnings in the final quarter soaring by almost 400 per cent to $5.7 billion.
Commenting, Shell’s CEO Peter Voser said: “Our 2010 earnings increased substantially from 2009 levels, driven by improving industry fundamentals, and Shell’s production growth and cost performance.”
He went on to say: “In 2010 Shell made good progress on implementing strategy, improving near-term performance, delivering a new wave of production growth, and maturing the next generation of growth options for shareholders."
Voser concluded: “We are making good progress against our targets, and there is more to come from Shell.”
Full-year production at Shell rose 5.5 per cent to 3.314 million barrels of oil equivalent a day, up from 3.142 million barrels in the same period a year earlier.
Shell’s current strategy is to increase production via a $100 billion investment plan. The company is due to embark on its Pearl gas-to-liquids and Qatargas 4 liquefied natural gas (LNG) projects in the Middle East this year, which will boost output to 3.5 million barrels of oil equivalent a day in 2012.
Shell made $7 billion of acquisitions and invested $3 billion in exploration activities in 2010.
