LONDON - Energy giant Royal Dutch Shell said Thursday that its 2011 net profit jumped by 54 percent to $30.92 billion (23.5 billion euros) on the back of higher energy prices.
The profit after tax figure compared with net income of $20.47 billion during 2010, Shell said in a results statement.
However, the Anglo-Dutch group also revealed that net profits slipped four percent to $6.5 billion in the fourth quarter, or three months to the end of December, compared with same part of 2010.
Excluding changes to the value of its energy inventories, Shell added that annual profit also soared 54 percent to $28.6 billion last year.
Production slid three percent however to 3.215 million barrels of oil equivalent per day last year.
Shell is meanwhile set to invest $30 billion into new investment projects to boost the company's growth. The group said its 2012 outlook was boosted by more than 60 new projects and options.
"I am pleased with our delivery in 2011, focusing on improving our operating performance and ramping up our growth projects," said chief executive Peter Voser in the earnings release.
"We have made good progress with portfolio development during 2011, with new opportunities in global gas, liquids-rich shales and exploration, alongside some $7.5 billion of divestments as part of Shell's drive for on-going capital efficiency and portfolio improvement."
He added: "Our fourth-quarter results were impacted by a sharp downturn in industry refining margins and North American natural gas prices.
"The global economy and energy markets are likely to see continued high volatility. Despite the near-term uncertainties, Shell's focus remains on through-cycle investment for sustainable growth."
In recent years, Shell has outshone troubled rival BP -- which has been ravaged by the 2010 Gulf of Mexico oil spill disaster -- and underlined its confidence Thursday by promising dividend growth for the first time since 2009.
Shell said it would raise its dividend by two percent for the first time in three years from next quarter. However, this was lower than the 4.0-percent hike that most analysts had expected.
source: interaksyon.com
