LONDON – Royal Dutch Shell says fourth-quarter earnings rose 14 percent as it made progress on plans to cut costs and sell assets to adjust to an environment of lower oil prices.
The Anglo-Dutch energy company said Thursday that profit for the last three months of 2016 adjusted for changes in the value of inventories and excluding one-time items advanced to $1.80 billion from $1.57 billion a year earlier. Net income rose 64 percent to $1.54 billion.
CEO Ben van Beurden says $15 billion of asset sales are either in progress or have been completed and Shell is on track to fulfill a planned $30 billion divestment program.
Brent crude was trading at $56.14 on Wednesday, down from more than $100 a barrel as recently as September 2014.