Royal Dutch Shell announced on Thursday its fourth quarter and 2010 annual results and thanks to increased production and rising oil prices, the company’s annual profits for 2010 were $18.6 billion, almost double the 2009 level of $9.8 billion.
The large profits came as the company finished with strong fourth quarter profits of $5.7 billion, up from $1.2 billion for the same period in 2009.
Shell’s CEO Peter Voser, in a company statement, said:
“Our 2010 earnings increased substantially from 2009 levels, driven by improving industry fundamentals, and Shell’s production growth and cost performance. Our 2010 oil and natural gas production volumes were 3.3 million boe/d, an increase of 5%. LNG sales volumes increased by 25%, with continued growth in Downstream. Fourth quarter and full year 2010 earnings were supported by higher oil prices and chemicals margins.”
The company also announced total asset sales over a 5-year period ending in 2010 were $30 billion.
Concluding his comments on Shell’s past year, Voser said: “We are making good progress against our targets, and there is more to come from Shell.”
BBC reports Shell’s numbers are in line with rival BP who announced earlier this week fourth quarter profits for 2010 of $4.6 billion even though its Gulf of Mexico debacle left it with an annual loss.