Andrey Rudakov | Bloomberg | Getty Images
Royal Dutch Shell products in Torzhok, Russia.
Oil giant Royal Dutch Shell reported better-than-expected full-year earnings on Thursday as profound cost reductions began following the energy market's downturn in 2014. 19659005] div> div.group> p: first child "/>
Net income increased 36 percent to $ 21.4 billion in 2018, with cost savings helping the Anglo-Dutch company achieve its highest annual profit since 2014.
Shareholders' net earnings on current delivery costs (CCS) basis, used as proxies for net income and excluding identified items, were $ 5.7 billion. Compared to a company-provided analyst consensus of $ 5.28 billion for the last three months of 2018, according to Reuters.
"Shell achieved a very strong financial performance in 2018 with cash flow from operations of $ 49.6 billion (non-working capital) movements," said Royal Dutch Shell CEO Ben van Beurden in a statement released Thursday Statement.
"We will continue with a strong focus on delivery in 2019, with a disciplined approach to capital investment and both cash flow and revenue." The strategy for delivering a first-class investment case works, "he added.