Shell outstrips Exxon on profit and cashflow

For the second half of 2016, Shell warned its upstream earnings could be impacted by production losses in Nigeria

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% in the fourth quarter.