AFP, LONDON: Royal Dutch Shell said yesterday that profit after taxation almost tripled to just under $13 billion (10.5 billion euros) in 2017, energised partly by rising oil and gas prices. Net or bottom-line earnings for the full year compared with a figure of $4.6 billion in 2016, the Anglo-Dutch energy giant revealed in a statement.

Shell’s profit adjusted for exceptional items and the changing value of oil and gas inventories surged to $12.1 billion in 2017, from $3.5 billion last time around. “Full year earnings benefited mainly from higher realised oil, gas and liquefied natural gas (LNG) prices, improved refining performance and higher production from new fields, which offset the impact of field declines and divestments,” the company said.

Net profit in the fourth quarter leapt 147 per cent to $3.8 billion compared with the same part of 2016. “2017 was a year of strong financial performance for Shell,” added chief executive Ben van Beurden.