Shell earnings for 4Q16 drops by 44 percent
Baku, February 3, AZERTAC
Royal Dutch Shell’s earnings in the last quarter of 2016 totaled $1 billion, registering a fall of 44 percent from the same period of 2015, the company announced on Thursday.
Earnings were $1.8 billion in the last quarter of 2015.
Full year earnings also dropped slightly, by 8 percent, to $3.5 billion, compared with $3.8 billion in 2015.
Shell delivered $9.2 billion in cash flow from operations in the fourth quarter in 2016, compared with $5.4 billion in the fourth quarter of 2015.
Full year cash flow from operating activities was $20.6 billion, compared with $29.8 billion for the full year of 2015.
“Debt has been reduced and, for the second consecutive quarter, free cash flow more than covered our cash dividend,” said Ben van Beurden, Shell's chief executive officer.
The company's divestments, completed, announced or in progress totaled $15 billion last year. Shell is “on track to complete our overall $30 billion divestment program as planned,” Beurden added.
Shell's future plans include focusing the portfolio and strengthening the company’s financial framework in 2017, he said.
“Our strategy is starting to pay off, and in 2017 we will be investing around $25 billion in high quality, resilient projects,” he added.
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