Shell could knock rival ExxonMobil into second spot on higher 2017 revenue
London — Royal Dutch Shell could usurp its largest rival ExxonMobil as the energy sector’s biggest cash generator after higher oil and gas prices combined with an improved performance lifted its 2017 revenue. CEO Ben van Beurden has made no secret of his desire to challenge the dominance of the world’s largest listed oil company after its $54bn purchase of BG Group in 2016 catapulted Shell into second place in terms of production. On Thursday, the Anglo-Dutch company reported a more than doubling of profit in 2017 to $16bn, the highest since the start of the 2014 downturn as the effect of years of costs cuts and the integration of BG Group filtered through. "We enter 2018 with continued discipline and confidence, committed to the delivery of strong returns and cash," Van Beurden said in a statement. Shell’s shares were 1.1% lower at 8.42am GMT, compared with a slightly positive open for the FTSE 100 index. Cash flow from operations in 2017 rose to $35.65bn from $20.62bn a year earli...
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