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IS - Shell’s upstream production up 8%, but profits fall to $16.5B - February 2020

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Shell attributed its 23% YOY profit drop last year to lower prices combined with tough economic conditions. The supermajor reported $16.5 billion of net income to shareholders on a current cost of supply basis, its proxy for net profit, for 2019 compared with $21.4 billion for 2018. Revenue of $345 billion for the year was off 11% from the previous year. Cash flow from operations of $42.2 billion, down 21% YOY, was well above......
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