Shell outpaces Exxon in Q4 with US$1.8b profit, strong cashflow

London

SHELL made more money than Exxon Mobil in the second half of 2016, despite the Anglo-Dutch oil major's annual profit hitting its lowest level in more than a decade as it grappled with a deep downturn.

Europe's largest oil and gas company showed stronger signs that it was turning a corner following deep spending cuts, divestments and thousands of job losses last year, with cashflow increasing by 69 per cent in the fourth quarter.

With BG Group's operations fully integrated following its US$54 billion acquisition a year ago, Shell said on Thursday its full year production rose by nearly a quarter …