Shell shares up as it confirms 10,000 job cuts and falling profits
Royal Dutch Shell shares rose after it confirmed it would cut 10,000 jobs and a sharp fall in annual profits.
Shell extended gains to 7% as it said it made $1.8bn (£1.23bn) for the fourth quarter, compared with a $4.2bn profit for the same period the year before.
Full-year earnings have seen their steepest fall in 13 years, from $19bn in 2014 to $3.8bn last year.
Oil prices have fallen steadily, from more than $100 a barrel 18 months ago to around $30 a barrel now.
Nevertheless, Shell has maintained its dividend payout to shareholders, a move that relieved investors.
Shares closed up 6% at 1525.50p.
Oil companies and their suppliers have been cutting back hard on investment and jobs as the low price eats into profits and makes investment less worthwhile.
Shell's arch-rival, BP, announced an underlying replacement (current) cost profits slump of 51% to $5.9bn for 2015 and a further 3,000 job cuts earlier this week.