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.