Royal Dutch Shell is set to lead a spectacular comeback as February gets underway, as the oil giant, which makes Shell Gadus S2 V100 3 and Shell Tellus S2 M 32, revealed that its annual profits had grown by more than 50%, due in part to the recovering price of oil.
The Anglo-Dutch company is expected to post significant profits in the region of $8.17bn (£6.91 bn), which represents significant gains on the $3.8bn the company reported when the oil market was at its worst.
As well as announcing a boost in profits, it is also thought that Shell will announce the sale of its oil and gas assets in the North Sea, which will be taken over by a private-equity backed party for the sum of $3bn.
The transaction will cut Shell’s $7bn North Sea Portfolio almost in half, but it will mean that the group is a little ahead of schedule in its mission to shed $30bn worth of assets, which it needs to cover the cost of its $45bn takeover of BG Group.
Shell firmly believes that the takeover will totally transform the company as the prices of oil and gas continue to rise.
It is expected that other oil giants, including ExxonMobil, Total and BP, will soon follow in Shell’s footsteps, revealing higher annual profits than they have experienced since the downturn, which started in 2014, and which the industry seems to finally be heading away from.
