Shell's Q4 profit soars on high prices

Core profits at Shell rebounded sharply in the fourth quarter on the back of higher oil and gas prices, according to company results published on February 3.

Adjusted earnings came in at $6.39bn for the quarter, up from only $393mn a year earlier and $4.13bn in the previous three months. Earnings from integrated gas reached $4.05bn, versus $1.1bn a year earlier, while Shell's upstream business delivered $2.83bn, compared with a loss of $748mn.

Shell's oil products division generated $555mn in adjusted earnings, up from $540mn in the fourth quarter of 2020, while chemicals operations sank to a loss of $42mn, versus a profit of $381mn.

The major's upswing in profits comes as it faces added pressure to address its emissions following a landmark Dutch court ruling. The company also undertook a corporate overhaul last month, doing away with its two-tier share structure and relocating to the UK from the Netherlands.